Capital One 2013 Annual Report Download - page 152

CAPITAL ONE FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31,
(Dollars in millions, except per share-related data) 2013 2012 2011
Interest income:
Loans, including loans held for sale .............................................. $18,222 $17,544 $13,779
Investment securities .......................................................... 1,575 1,329 1,137
Other ...................................................................... 101 91 71
Total interest income .......................................................... 19,898 18,964 14,987
Interest expense:
Deposits .................................................................... 1,241 1,403 1,187
Securitized debt obligations .................................................... 183 271 422
Senior and subordinated notes ................................................... 315 345 300
Other borrowings ............................................................. 53 356 337
Total interest expense ......................................................... 1,792 2,375 2,246
Net interest income ........................................................... 18,106 16,589 12,741
Provision for credit losses ...................................................... 3,453 4,415 2,360
Net interest income after provision for credit losses .................................. 14,653 12,174 10,381
Non-interest income:
Service charges and other customer-related fees .................................... 2,118 2,106 1,979
Interchange fees, net .......................................................... 1,896 1,647 1,318
Total other-than-temporary impairment ........................................... (37) (38) (131)
Less: Portion of other-than-temporary impairment recorded in AOCI .................... (4) (14) 110
Net other-than-temporary impairment recognized in earnings .......................... (41) (52) (21)
Bargain purchase gain ......................................................... 0594 0
Other ...................................................................... 305 512 262
Total non-interest income ...................................................... 4,278 4,807 3,538
Non-interest expense:
Salaries and associate benefits .................................................. 4,432 3,876 3,023
Occupancy and equipment ..................................................... 1,504 1,327 1,025
Marketing .................................................................. 1,373 1,364 1,337
Professional services .......................................................... 1,303 1,270 1,198
Communications and data processing ............................................. 885 778 681
Amortization of intangibles ..................................................... 671 609 222
Acquisition-related ........................................................... 193 336 45
Other ...................................................................... 2,153 2,386 1,801
Total non-interest expense ..................................................... 12,514 11,946 9,332
Income from continuing operations before income taxes .............................. 6,417 5,035 4,587
Income tax provision .......................................................... 2,025 1,301 1,334
Income from continuing operations, net of tax ...................................... 4,392 3,734 3,253
Loss from discontinued operations, net of tax ...................................... (233) (217) (106)
Net income ................................................................. 4,159 3,517 3,147
Dividends and undistributed earnings allocated to participating securities ................ (17) (15) (26)
Preferred stock dividends ...................................................... (53) (15) 0
Net income available to common stockholders ...................................... $ 4,089 $ 3,487 $ 3,121
Basic earnings per common share:
Net income from continuing operations ........................................... $ 7.45 $ 6.60 $ 7.08
Loss from discontinued operations ............................................... (0.40) (0.39) (0.23)
Net income per basic common share .............................................. $ 7.05 $ 6.21 $ 6.85
Diluted earnings per common share:
Net income from continuing operations ........................................... $ 7.35 $ 6.54 $ 7.03
Loss from discontinued operations ............................................... (0.39) (0.38) (0.23)
Net income per diluted common share ............................................ $ 6.96 $ 6.16 $ 6.80
Dividends paid per common share ............................................... $ 0.95 $ 0.20 $ 0.20
See Notes to Consolidated Financial Statements.
132