Discover 2009 Annual Report Download - page 100

Discover Financial Services
Consolidated Statements of Financial Condition
November 30,
2009
November 30,
2008
(dollars in thousands,
except per share amounts)
Assets
Cash and cash equivalents...................................................................................................................................... $13,020,719 $10,171,143
Restricted cash – special dividend escrow.................................................................................................................. 643,311 —
Other short-term investments ................................................................................................................................... 1,350,000 —
Investment securities:
Available-for-sale (amortized cost of $2,743,729 and $1,211,245 at November 30, 2009 and 2008, respectively) ........ 2,645,481 1,127,119
Held-to-maturity (fair value of $1,953,990 and $84,167 at November 30, 2009 and 2008, respectively) ...................... 2,389,816 100,825
Total investments securities ............................................................................................................................ 5,035,297 1,227,944
Loan receivables:
Credit card ....................................................................................................................................................... 20,230,302 23,814,307
Other............................................................................................................................................................... 3,394,782 1,402,304
Total loan receivables................................................................................................................................... 23,625,084 25,216,611
Allowance for loan losses .................................................................................................................................... (1,757,899) (1,374,585)
Net loan receivables ....................................................................................................................................... 21,867,185 23,842,026
Amounts due from asset securitization ...................................................................................................................... 1,692,051 2,233,600
Premises and equipment, net................................................................................................................................... 499,303 552,502
Goodwill ............................................................................................................................................................. 255,421 255,421
Intangible assets, net.............................................................................................................................................. 195,636 203,319
Other assets ......................................................................................................................................................... 1,462,064 1,406,427
Total assets................................................................................................................................................. $46,020,987 $39,892,382
Liabilities and Stockholders’ Equity
Deposits:
Interest-bearing deposit accounts.......................................................................................................................... $32,028,506 $28,452,146
Non-interest bearing deposit accounts................................................................................................................... 64,506 78,375
Total deposits.............................................................................................................................................. 32,093,012 28,530,521
Short-term borrowings ........................................................................................................................................... — 500,000
Long-term borrowings............................................................................................................................................ 2,428,101 1,735,383
Special dividend – Morgan Stanley .......................................................................................................................... 808,757 473,000
Accrued expenses and other liabilities ...................................................................................................................... 2,255,570 2,737,655
Total liabilities............................................................................................................................................. 37,585,440 33,976,559
Commitments, contingencies and guarantees (Note 22)
Stockholders’ Equity:
Preferred stock, par value $.01 per share; 200,000,000 shares authorized, 1,224,558 and 0 issued or outstanding at
November 30, 2009 and 2008, respectively.......................................................................................................... 1,158,066 —
Common stock, par value $.01 per share; 2,000,000,000 shares authorized; 544,799,041 and 480,517,188 shares
issued at November 30, 2009 and 2008, respectively ............................................................................................. 5,448 4,805
Additional paid-in capital....................................................................................................................................... 3,573,231 2,938,657
Retained earnings ................................................................................................................................................. 3,873,262 3,046,956
Accumulated other comprehensive (loss) income ........................................................................................................ (154,818) (66,338)
Treasury stock, at cost; 1,876,795 and 530,549 shares at November 30, 2009 and 2008, respectively ............................ (19,642) (8,257)
Total stockholders’ equity.............................................................................................................................. 8,435,547 5,915,823
Total liabilities and stockholders’ equity........................................................................................................... $46,020,987 $39,892,382
See Notes to the Consolidated Financial Statements.
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