Discover 2010 Annual Report Download - page 102

Discover Financial Services
Consolidated Statements of Financial Condition
November 30,
2010
November 30,
2009
(dollars in thousands,
except per share amounts)
Assets
Cash and cash equivalents...................................................................................................................................... $ 5,098,733 $13,020,719
Restricted cash – special dividend escrow.................................................................................................................. 0 643,311
Restricted cash – for securitization investors ............................................................................................................... 1,363,758 0
Other short-term investments ................................................................................................................................... 375,000 1,350,000
Investment securities:
Available-for-sale (amortized cost of $4,989,958 and $2,743,729 at November 30, 2010 and 2009, respectively) ........ 5,002,579 2,645,481
Held-to-maturity (fair value of $70,195 and $1,953,990 at November 30, 2010 and 2009, respectively) ...................... 72,816 2,389,816
Total investment securities ............................................................................................................................. 5,075,395 5,035,297
Loan receivables:
Loans held for sale ............................................................................................................................................. 788,101 0
Loan portfolio:
Credit card – restricted for securitization investors................................................................................................ 34,452,989 0
Other credit card............................................................................................................................................ 10,704,005 20,230,302
Total credit card loan receivables................................................................................................................... 45,156,994 20,230,302
Other............................................................................................................................................................ 2,891,318 3,394,782
Total loan portfolio ...................................................................................................................................... 48,048,312 23,625,084
Total loan receivables................................................................................................................................... 48,836,413 23,625,084
Allowance for loan losses .................................................................................................................................... (3,304,118) (1,757,899)
Net loan receivables ....................................................................................................................................... 45,532,295 21,867,185
Amounts due from asset securitization ...................................................................................................................... 0 1,692,051
Premises and equipment, net................................................................................................................................... 460,732 499,303
Goodwill ............................................................................................................................................................. 255,421 255,421
Intangible assets, net.............................................................................................................................................. 188,973 195,636
Other assets ......................................................................................................................................................... 2,434,661 1,462,064
Total assets................................................................................................................................................. $60,784,968 $46,020,987
Liabilities and Stockholders’ Equity
Deposits:
Interest-bearing deposit accounts.......................................................................................................................... $34,309,839 $32,028,506
Non-interest bearing deposit accounts................................................................................................................... 103,544 64,506
Total deposits.............................................................................................................................................. 34,413,383 32,093,012
Long-term borrowings:
Long-term borrowings – owed to securitization investors .......................................................................................... 14,919,400 0
Other long-term borrowings ................................................................................................................................ 2,786,328 2,428,101
Total long-term borrowings ........................................................................................................................... 17,705,728 2,428,101
Special dividend – Morgan Stanley .......................................................................................................................... 0 808,757
Accrued expenses and other liabilities ...................................................................................................................... 2,209,011 2,255,570
Total liabilities............................................................................................................................................. 54,328,122 37,585,440
Commitments, contingencies and guarantees (Note 20)
Stockholders’ Equity:
Preferred stock, par value $.01 per share; 200,000,000 shares authorized, 0 and 1,224,558 issued and outstanding at
November 30, 2010 and 2009, respectively.......................................................................................................... 0 1,158,066
Common stock, par value $.01 per share; 2,000,000,000 shares authorized; 547,128,270 and 544,799,041 shares
issued at November 30, 2010 and 2009, respectively ............................................................................................. 5,471 5,448
Additional paid-in capital....................................................................................................................................... 3,435,318 3,573,231
Retained earnings ................................................................................................................................................. 3,126,488 3,873,262
Accumulated other comprehensive loss ..................................................................................................................... (82,548) (154,818)
Treasury stock, at cost; 2,446,506 and 1,876,795 shares at November 30, 2010 and 2009, respectively.......................... (27,883) (19,642)
Total stockholders’ equity.............................................................................................................................. 6,456,846 8,435,547
Total liabilities and stockholders’ equity........................................................................................................... $60,784,968 $46,020,987
See Notes to the Consolidated Financial Statements.
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