MCLEAN, Va., April 16, 2014 /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) today announced net income for the first quarter of 2014 of $1.2 billion, or $1.96 per diluted common share, compared to the fourth quarter of 2013 with net income of $852 million, or $1.43 per diluted common share, and the first quarter of 2013 with net income of $1.1 billion, or $1.77 per diluted common share.
"Capital One posted solid results across our businesses in the first quarter," said Richard D. Fairbank, Chairman and CEO. "We received no objection to our CCAR capital plan and announced a $2.5 billion share repurchase program that we expect to complete by the end of the first quarter of 2015."
All comparisons below are for the first quarter of 2014 compared with the fourth quarter of 2013 unless otherwise noted.
First Quarter 2014 Income Highlights:
- Total net revenue decreased 3 percent to $5.4 billion.
- Total non-interest expense decreased 9 percent to $2.9 billion.
- Pre-provision earnings increased 6 percent to $2.4 billion.
- Provision for credit losses decreased 23 percent to $735 million.
First Quarter 2014 Balance Sheet Highlights:
- Common equity Tier 1 capital ratio under Basel III Standardized Approach of 13.0 percent at March 31, 2014.
- Net interest margin of 6.62 percent, down 11 basis points.
- Domestic Card period-end loans decreased $5.0 billion, or 7 percent, to $68.3 billion.
- Commercial Banking period-end loans increased $1.2 billion, or 3 percent, to $46.2 billion.
- Consumer Banking:
- Auto period-end loans increased $1.2 billion, or 4 percent, to $33.1 billion.
- Home loans period-end loans decreased $1.2 billion, or 4 percent, to $34.0 billion, driven by expected run-off of acquired portfolios.
- Average loans held for investment in the quarter increased $909 million, or less than 1 percent, to $193.7 billion.
- Domestic Card average loans decreased $558 million, or less than 1 percent, to $69.8 billion.
- Commercial Banking average loans increased $2.1 billion, or 5 percent, to $45.4 billion.
- Consumer Banking:
- Auto average loans increased $963 million, or 3 percent, to $32.4 billion.
- Home loans average loans decreased by $1.3 billion, or 4 percent, to $34.6 billion, driven by expected run-off of acquired portfolios.
- Period-end total deposits increased $3.8 billion, or 2 percent, to $208.3 billion, while average deposits increased $136 million, or less than 1 percent, to $205.8 billion.
- Deposit interest rates declined 3 basis points to 0.60 percent.
Detailed segment information will be available in the company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2014.
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on April 16, 2014, at 5:00 PM, Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the company's home page (www.capitalone.com). Choose "About Us", then choose "Investors" to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. The replay of the webcast will be archived on the company's website through May 7, 2014 at 5:00 PM.
Forward Looking Statements
Certain statements in this release are forward-looking statements, which involve a number of risks and uncertainties. Capital One cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors, including those listed from time to time in reports that Capital One files with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2013.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N. A., had $208.3 billion in deposits and $290.5 billion in total assets as of March 31, 2014. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has more than 900 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.
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Capital One Financial Corporation
Financial Supplement
First Quarter 2014(1)(2)(3)
Table of Contents
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Page
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Capital One Financial Corporation Consolidated
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Table 1:
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Financial Summary—Consolidated
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1
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Table 2:
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Selected Metrics—Consolidated
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2
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Table 3:
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Consolidated Statements of Income
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3
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Table 4:
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Consolidated Balance Sheets
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4
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Table 5:
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Notes to Financial & Selected Metrics and Consolidated Financial Statements (Tables 1 - 4)
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5
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Table 6:
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Average Balances, Net Interest Income and Net Interest Margin
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6
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Table 7:
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Loan Information and Performance Statistics
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7
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Business Segment Detail
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Table 8:
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Financial & Statistical Summary—Credit Card Business
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8
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Table 9:
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Financial & Statistical Summary—Consumer Banking Business
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9
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Table 10:
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Financial & Statistical Summary—Commercial Banking Business
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10
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Table 11:
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Financial & Statistical Summary—Other and Total
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11
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Table 12:
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Notes to Loan and Business Segment Disclosures (Tables 7 - 11)
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12
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Other
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Table 13:
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Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures
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13
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____________________________
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(1)
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The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation, and investors should refer to our Quarterly Report on Form 10-Q for the period ended March 31, 2014 once it is filed with the Securities and Exchange Commission.
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(2)
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References to ING Direct refers to business and assets acquired and liabilities assumed in the February 17, 2012 acquisition. Reference to the 2012 U.S. card acquisition refer to the May 1, 2012 transaction in which we acquired substantially all of HSBC's credit card and private-label credit card business in the United States.
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(3)
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We adopted ASU 2014-01 "Accounting for Investments in Qualified Affordable Housing Projects" as of January 1, 2014. As permitted by the guidance, we adopted the proportional amortization method of accounting for Qualified Affordable Housing Projects. The proportional amortization method amortizes the cost of the investment over the period in which we will receive tax credits and other tax benefits, and the resulting amortization is recognized as a component of income taxes attributable to continuing operations. Historically, these investments were accounted for under the equity method of accounting and the passive losses related to the investments were recognized within non-interest expense. Prior period results and related metrics have been restated to conform to this presentation.
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CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 1: Financial Summary—Consolidated(1)
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2014
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2013
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2013
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2013
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2013
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(Dollars in millions, except per share data and as noted) (unaudited)
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Q1
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Q4
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Q3
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Q2
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Q1
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Earnings
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|
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Net interest income
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$
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4,350
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|
$
|
4,423
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|
|
$
|
4,560
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|
|
$
|
4,553
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|
|
$
|
4,570
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Non-interest income(2)
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|
1,020
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|
|
|
1,121
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|
|
|
1,091
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|
|
|
1,085
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|
|
|
981
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|
|
|
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|
|
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|
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Total net revenue(3)
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5,370
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5,544
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5,651
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5,638
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5,551
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Provision for credit losses
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735
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|
957
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849
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762
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|
885
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Non-interest expense:
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Marketing
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325
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427
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299
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330
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317
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Amortization of intangibles(4)
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143
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166
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161
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167
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177
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Acquisition-related(5)
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23
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60
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37
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50
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46
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Operating expenses
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2,441
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|
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2,582
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|
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2,612
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|
|
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2,471
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|
|
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2,451
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Total non-interest expense
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2,932
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3,235
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3,109
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3,018
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2,991
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Income from continuing operations before income taxes
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1,703
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1,352
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1,693
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1,858
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|
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1,675
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Income tax provision
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579
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477
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575
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631
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541
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Income from continuing operations, net of tax
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1,124
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|
875
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|
1,118
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1,227
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|
|
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1,134
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Income/(Loss) from discontinued operations, net of tax(2)
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30
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(23)
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(13)
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(119)
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(78)
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|
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|
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Net income
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1,154
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|
|
|
852
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|
|
|
1,105
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|
|
|
1,108
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|
|
|
1,056
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|
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Dividends and undistributed earnings allocated to participating securities(6)
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(5)
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(4)
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(5)
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(4)
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(5)
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Preferred stock dividends(6)
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(13)
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|
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(13)
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|
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(13)
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|
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(13)
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(13)
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|
|
|
|
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|
|
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Net income available to common stockholders
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$
|
1,136
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|
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$
|
835
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|
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$
|
1,087
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|
|
$
|
1,091
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|
|
$
|
1,038
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Common Share Statistics
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Basic EPS:(6)
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Net income from continuing operations
|
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$
|
1.94
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|
|
$
|
1.50
|
|
|
$
|
1.89
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|
|
$
|
2.08
|
|
|
$
|
1.92
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Income/(Loss) from discontinued operations
|
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|
0.05
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|
|
(0.04)
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|
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(0.02)
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(0.20)
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(0.13)
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Net income per basic common share
|
|
$
|
1.99
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|
|
$
|
1.46
|
|
|
$
|
1.87
|
|
|
$
|
1.88
|
|
|
$
|
1.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Diluted EPS:(6)
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations
|
|
$
|
1.91
|
|
|
$
|
1.46
|
|
|
$
|
1.86
|
|
|
$
|
2.05
|
|
|
$
|
1.90
|
|
|
Income/(Loss) from discontinued operations
|
|
|
0.05
|
|
|
|
(0.03)
|
|
|
|
(0.02)
|
|
|
|
(0.20)
|
|
|
|
(0.13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per diluted common share
|
|
$
|
1.96
|
|
|
$
|
1.43
|
|
|
$
|
1.84
|
|
|
$
|
1.85
|
|
|
$
|
1.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Weighted average common shares outstanding (in millions) for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS
|
|
|
571.0
|
|
|
|
573.4
|
|
|
|
582.3
|
|
|
|
581.5
|
|
|
|
580.5
|
|
|
Diluted EPS
|
|
|
580.3
|
|
|
|
582.6
|
|
|
|
591.1
|
|
|
|
588.8
|
|
|
|
586.3
|
|
|
Common shares outstanding (period end, in millions)
|
|
|
572.9
|
|
|
|
572.7
|
|
|
|
582.0
|
|
|
|
584.9
|
|
|
|
584.0
|
|
|
Dividends per common share
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
$
|
0.05
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|
|
Tangible book value per common share (period end)(7)
|
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|
45.88
|
|
|
|
43.64
|
|
|
|
43.01
|
|
|
|
41.41
|
|
|
|
41.72
|
|
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Balance Sheet (Period End)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for investment(8)
|
|
$
|
192,941
|
|
|
$
|
197,199
|
|
|
$
|
191,814
|
|
|
$
|
191,512
|
|
|
$
|
191,333
|
|
|
Interest-earning assets
|
|
|
259,422
|
|
|
|
265,170
|
|
|
|
259,152
|
|
|
|
265,693
|
|
|
|
268,479
|
|
|
Total assets
|
|
|
290,500
|
|
|
|
296,933
|
|
|
|
289,866
|
|
|
|
296,524
|
|
|
|
300,145
|
|
|
Interest-bearing deposits
|
|
|
184,214
|
|
|
|
181,880
|
|
|
|
184,553
|
|
|
|
187,768
|
|
|
|
191,093
|
|
|
Total deposits
|
|
|
208,324
|
|
|
|
204,523
|
|
|
|
206,834
|
|
|
|
209,865
|
|
|
|
212,410
|
|
|
Borrowings
|
|
|
30,118
|
|
|
|
40,654
|
|
|
|
31,845
|
|
|
|
36,231
|
|
|
|
37,492
|
|
|
Common equity
|
|
|
41,948
|
|
|
|
40,779
|
|
|
|
40,792
|
|
|
|
40,094
|
|
|
|
40,358
|
|
|
Total stockholders' equity
|
|
|
42,801
|
|
|
|
41,632
|
|
|
|
41,645
|
|
|
|
40,947
|
|
|
|
41,211
|
|
|
Balance Sheet (Quarterly Average Balances)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for investment(8)
|
|
$
|
193,722
|
|
|
$
|
192,813
|
|
|
$
|
191,135
|
|
|
$
|
190,562
|
|
|
$
|
195,997
|
|
|
Interest-earning assets
|
|
|
262,659
|
|
|
|
262,957
|
|
|
|
264,796
|
|
|
|
266,544
|
|
|
|
272,345
|
|
|
Total assets
|
|
|
294,275
|
|
|
|
294,040
|
|
|
|
294,919
|
|
|
|
297,748
|
|
|
|
303,226
|
|
|
Interest-bearing deposits
|
|
|
184,183
|
|
|
|
184,206
|
|
|
|
186,752
|
|
|
|
189,311
|
|
|
|
190,612
|
|
|
Total deposits
|
|
|
205,842
|
|
|
|
205,706
|
|
|
|
208,340
|
|
|
|
210,650
|
|
|
|
211,555
|
|
|
Borrowings
|
|
|
35,978
|
|
|
|
36,463
|
|
|
|
36,355
|
|
|
|
36,915
|
|
|
|
41,574
|
|
|
Common equity
|
|
|
42,006
|
|
|
|
41,502
|
|
|
|
40,332
|
|
|
|
40,637
|
|
|
|
40,027
|
|
|
Total stockholders' equity
|
|
|
42,859
|
|
|
|
42,355
|
|
|
|
41,185
|
|
|
|
41,490
|
|
|
|
40,880
|
|
|
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 2: Selected Metrics—Consolidated(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2013
|
|
|
2013
|
|
|
2013
|
|
|
(Dollars in millions, except per share data and as noted) (unaudited)
|
|
Q1
|
|
|
Q4
|
|
|
Q3
|
|
|
Q2
|
|
|
Q1
|
|
|
Performance Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income growth (quarter over quarter)
|
|
|
(2)
|
%
|
|
|
(3)
|
%
|
|
|
—
|
%
|
|
|
—
|
%
|
|
|
1
|
%
|
|
Non-interest income growth (quarter over quarter)
|
|
|
(9)
|
|
|
|
3
|
|
|
|
1
|
|
|
|
11
|
|
|
|
(10)
|
|
|
Total net revenue growth (quarter over quarter)
|
|
|
(3)
|
|
|
|
(2)
|
|
|
|
—
|
|
|
|
2
|
|
|
|
(1)
|
|
|
Total net revenue margin(9)
|
|
|
8.18
|
|
|
|
8.43
|
|
|
|
8.54
|
|
|
|
8.46
|
|
|
|
8.15
|
|
|
Net interest margin(10)
|
|
|
6.62
|
|
|
|
6.73
|
|
|
|
6.89
|
|
|
|
6.83
|
|
|
|
6.71
|
|
|
Return on average assets(11)
|
|
|
1.53
|
|
|
|
1.19
|
|
|
|
1.52
|
|
|
|
1.65
|
|
|
|
1.50
|
|
|
Return on average tangible assets(12)
|
|
|
1.61
|
|
|
|
1.26
|
|
|
|
1.60
|
|
|
|
1.74
|
|
|
|
1.58
|
|
|
Return on average common equity(13)
|
|
|
10.53
|
|
|
|
8.27
|
|
|
|
10.91
|
|
|
|
11.91
|
|
|
|
11.15
|
|
|
Return on average tangible common equity(14)
|
|
|
16.83
|
|
|
|
13.38
|
|
|
|
17.96
|
|
|
|
19.62
|
|
|
|
18.69
|
|
|
Non-interest expense as a % of average loans held for investment(15)
|
|
|
6.05
|
|
|
|
6.71
|
|
|
|
6.51
|
|
|
|
6.33
|
|
|
|
6.10
|
|
|
Efficiency ratio(16)
|
|
|
54.60
|
|
|
|
58.35
|
|
|
|
55.02
|
|
|
|
53.53
|
|
|
|
53.88
|
|
|
Effective income tax rate for continuing operations
|
|
|
34.0
|
|
|
|
35.3
|
|
|
|
34.0
|
|
|
|
34.0
|
|
|
|
32.3
|
|
|
Full-time equivalent employees (in thousands), period end
|
|
|
41.1
|
|
|
|
42.0
|
|
|
|
39.6
|
|
|
|
39.6
|
|
|
|
39.3
|
|
|
Credit Quality Metrics(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses
|
|
$
|
4,098
|
|
|
$
|
4,315
|
|
|
$
|
4,333
|
|
|
$
|
4,407
|
|
|
$
|
4,606
|
|
|
Allowance as a % of loans held for investment
|
|
|
2.12
|
%
|
|
|
2.19
|
%
|
|
|
2.26
|
%
|
|
|
2.30
|
%
|
|
|
2.41
|
%
|
|
Allowance as a % of loans held for investment (excluding acquired loans)
|
|
|
2.45
|
|
|
|
2.54
|
|
|
|
2.66
|
|
|
|
2.74
|
|
|
|
2.91
|
|
|
Net charge-offs
|
|
$
|
931
|
|
|
$
|
969
|
|
|
$
|
917
|
|
|
$
|
969
|
|
|
$
|
1,079
|
|
|
Net charge-off rate(17)
|
|
|
1.92
|
%
|
|
|
2.01
|
%
|
|
|
1.92
|
%
|
|
|
2.03
|
%
|
|
|
2.20
|
%
|
|
Net charge-off rate (excluding acquired loans)(17)
|
|
|
2.24
|
|
|
|
2.37
|
|
|
|
2.29
|
|
|
|
2.46
|
|
|
|
2.69
|
|
|
30+ day performing delinquency rate
|
|
|
2.22
|
|
|
|
2.63
|
|
|
|
2.54
|
|
|
|
2.35
|
|
|
|
2.37
|
|
|
30+ day performing delinquency rate (excluding acquired loans)
|
|
|
2.59
|
|
|
|
3.08
|
|
|
|
3.01
|
|
|
|
2.83
|
|
|
|
2.90
|
|
|
30+ day delinquency rate
|
|
|
2.51
|
|
|
|
2.96
|
|
|
|
2.88
|
|
|
|
2.71
|
|
|
|
2.74
|
|
|
30+ day delinquency rate (excluding acquired loans)
|
|
|
2.93
|
|
|
|
3.46
|
|
|
|
3.41
|
|
|
|
3.26
|
|
|
|
3.35
|
|
|
Capital Ratios(18)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1 capital ratio
|
|
|
13.0
|
%
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
Tier 1 common ratio
|
|
|
N/A
|
|
|
|
12.2
|
%
|
|
|
12.7
|
%
|
|
|
12.0
|
%
|
|
|
11.7
|
%
|
|
Tier 1 risk-based capital ratio
|
|
|
13.4
|
|
|
|
12.6
|
|
|
|
13.1
|
|
|
|
12.4
|
|
|
|
12.1
|
|
|
Total risk-based capital ratio
|
|
|
15.4
|
|
|
|
14.7
|
|
|
|
15.2
|
|
|
|
14.6
|
|
|
|
14.4
|
|
|
Tier 1 leverage ratio
|
|
|
10.4
|
|
|
|
10.1
|
|
|
|
10.0
|
|
|
|
9.7
|
|
|
|
9.1
|
|
|
Tangible common equity ("TCE") ratio
|
|
|
9.6
|
|
|
|
8.9
|
|
|
|
9.1
|
|
|
|
8.6
|
|
|
|
8.6
|
|
|
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 3: Consolidated Statements of Income(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
(Dollars in millions, except per share data) (unaudited)
|
|
March 31,
2014
|
|
|
December 31,
2013
|
|
|
March 31,
2013
|
|
|
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including loans held for sale
|
|
$
|
4,307
|
|
|
$
|
4,398
|
|
|
$
|
4,649
|
|
|
Investment securities
|
|
|
416
|
|
|
|
414
|
|
|
|
374
|
|
|
Other
|
|
|
30
|
|
|
|
27
|
|
|
|
28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income
|
|
|
4,753
|
|
|
|
4,839
|
|
|
|
5,051
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
276
|
|
|
|
288
|
|
|
|
326
|
|
|
Securitized debt obligations
|
|
|
38
|
|
|
|
40
|
|
|
|
56
|
|
|
Senior and subordinated notes
|
|
|
77
|
|
|
|
75
|
|
|
|
82
|
|
|
Other borrowings
|
|
|
12
|
|
|
|
13
|
|
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest expense
|
|
|
403
|
|
|
|
416
|
|
|
|
481
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
|
4,350
|
|
|
|
4,423
|
|
|
|
4,570
|
|
|
Provision for credit losses
|
|
|
735
|
|
|
|
957
|
|
|
|
885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income after provision for credit losses
|
|
|
3,615
|
|
|
|
3,466
|
|
|
|
3,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income:(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and other customer-related fees
|
|
|
474
|
|
|
|
504
|
|
|
|
550
|
|
|
Interchange fees, net
|
|
|
440
|
|
|
|
489
|
|
|
|
445
|
|
|
Net other-than-temporary impairment losses recognized
in earnings
|
|
|
(5)
|
|
|
|
(1)
|
|
|
|
(25)
|
|
|
Other
|
|
|
111
|
|
|
|
129
|
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest income
|
|
|
1,020
|
|
|
|
1,121
|
|
|
|
981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and associate benefits
|
|
|
1,161
|
|
|
|
1,115
|
|
|
|
1,095
|
|
|
Occupancy and equipment
|
|
|
405
|
|
|
|
437
|
|
|
|
357
|
|
|
Marketing
|
|
|
325
|
|
|
|
427
|
|
|
|
317
|
|
|
Professional services
|
|
|
287
|
|
|
|
357
|
|
|
|
322
|
|
|
Communications and data processing
|
|
|
196
|
|
|
|
220
|
|
|
|
216
|
|
|
Amortization of intangibles(4)
|
|
|
143
|
|
|
|
166
|
|
|
|
177
|
|
|
Other
|
|
|
415
|
|
|
|
513
|
|
|
|
507
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest expense
|
|
|
2,932
|
|
|
|
3,235
|
|
|
|
2,991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before income taxes
|
|
|
1,703
|
|
|
|
1,352
|
|
|
|
1,675
|
|
|
Income tax provision
|
|
|
579
|
|
|
|
477
|
|
|
|
541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of tax
|
|
|
1,124
|
|
|
|
875
|
|
|
|
1,134
|
|
|
Income/(Loss) from discontinued operations, net of tax(2)
|
|
|
30
|
|
|
|
(23)
|
|
|
|
(78)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
1,154
|
|
|
|
852
|
|
|
|
1,056
|
|
|
Dividends and undistributed earnings allocated to participating securities(6)
|
|
|
(5)
|
|
|
|
(4)
|
|
|
|
(5)
|
|
|
Preferred stock dividends(6)
|
|
|
(13)
|
|
|
|
(13)
|
|
|
|
(13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common stockholders
|
|
$
|
1,136
|
|
|
$
|
835
|
|
|
$
|
1,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share:(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations
|
|
$
|
1.94
|
|
|
$
|
1.50
|
|
|
$
|
1.92
|
|
|
Income/(Loss) from discontinued operations
|
|
|
0.05
|
|
|
|
(0.04)
|
|
|
|
(0.13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per basic common share
|
|
$
|
1.99
|
|
|
$
|
1.46
|
|
|
$
|
1.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share:(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations
|
|
$
|
1.91
|
|
|
$
|
1.46
|
|
|
$
|
1.90
|
|
|
Income/(Loss) from discontinued operations
|
|
|
0.05
|
|
|
|
(0.03)
|
|
|
|
(0.13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per diluted common share
|
|
$
|
1.96
|
|
|
$
|
1.43
|
|
|
$
|
1.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding (in millions) for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS
|
|
|
571.0
|
|
|
|
573.4
|
|
|
|
580.5
|
|
|
Diluted EPS
|
|
|
580.3
|
|
|
|
582.6
|
|
|
|
586.3
|
|
|
Dividends paid per common share
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
$
|
0.05
|
|
|
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 4: Consolidated Balance Sheets(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions)(unaudited)
|
|
March 31,
2014
|
|
|
December 31,
2013
|
|
|
March 31,
2013
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
$
|
3,373
|
|
|
$
|
2,821
|
|
|
$
|
1,947
|
|
|
Interest-bearing deposits with banks
|
|
|
2,641
|
|
|
|
3,131
|
|
|
|
4,563
|
|
|
Federal funds sold and securities purchased under agreements
to resell
|
|
|
168
|
|
|
|
339
|
|
|
|
236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash and cash equivalents
|
|
|
6,182
|
|
|
|
6,291
|
|
|
|
6,746
|
|
|
Restricted cash for securitization investors
|
|
|
550
|
|
|
|
874
|
|
|
|
1,018
|
|
|
Securities available for sale, at fair value
|
|
|
40,721
|
|
|
|
41,800
|
|
|
|
63,968
|
|
|
Securities held to maturity, at carrying value
|
|
|
20,150
|
|
|
|
19,132
|
|
|
|
—
|
|
|
Loans held for investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecuritized loans held for investment
|
|
|
156,072
|
|
|
|
157,651
|
|
|
|
150,721
|
|
|
Restricted loans for securitization investors
|
|
|
36,869
|
|
|
|
39,548
|
|
|
|
40,612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans held for investment
|
|
|
192,941
|
|
|
|
197,199
|
|
|
|
191,333
|
|
|
Less: Allowance for loan and lease losses
|
|
|
(4,098)
|
|
|
|
(4,315)
|
|
|
|
(4,606)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loans held for investment
|
|
|
188,843
|
|
|
|
192,884
|
|
|
|
186,727
|
|
|
Loans held for sale, at lower of cost or fair value
|
|
|
259
|
|
|
|
218
|
|
|
|
6,410
|
|
|
Premises and equipment, net
|
|
|
3,807
|
|
|
|
3,839
|
|
|
|
3,736
|
|
|
Interest receivable
|
|
|
1,325
|
|
|
|
1,418
|
|
|
|
1,378
|
|
|
Goodwill
|
|
|
13,974
|
|
|
|
13,978
|
|
|
|
13,900
|
|
|
Other
|
|
|
14,689
|
|
|
|
16,499
|
|
|
|
16,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
290,500
|
|
|
$
|
296,933
|
|
|
$
|
300,145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest payable
|
|
$
|
259
|
|
|
$
|
307
|
|
|
$
|
310
|
|
|
Customer deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing deposits
|
|
|
24,110
|
|
|
|
22,643
|
|
|
|
21,317
|
|
|
Interest-bearing deposits
|
|
|
184,214
|
|
|
|
181,880
|
|
|
|
191,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total customer deposits
|
|
|
208,324
|
|
|
|
204,523
|
|
|
|
212,410
|
|
|
Securitized debt obligations
|
|
|
9,783
|
|
|
|
10,289
|
|
|
|
11,046
|
|
|
Other debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased and securities loaned or sold under
agreements to repurchase
|
|
|
1,544
|
|
|
|
915
|
|
|
|
855
|
|
|
Senior and subordinated notes
|
|
|
14,891
|
|
|
|
13,134
|
|
|
|
13,255
|
|
|
Other borrowings
|
|
|
3,900
|
|
|
|
16,316
|
|
|
|
12,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other debt
|
|
|
20,335
|
|
|
|
30,365
|
|
|
|
26,446
|
|
|
Other liabilities
|
|
|
8,998
|
|
|
|
9,817
|
|
|
|
8,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
247,699
|
|
|
|
255,301
|
|
|
|
258,934
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Common stock
|
|
|
6
|
|
|
|
6
|
|
|
|
6
|
|
|
Additional paid-in capital, net
|
|
|
26,605
|
|
|
|
26,526
|
|
|
|
26,256
|
|
|
Retained earnings
|
|
|
21,259
|
|
|
|
20,292
|
|
|
|
17,791
|
|
|
Accumulated other comprehensive income ("AOCI")
|
|
|
(710)
|
|
|
|
(872)
|
|
|
|
473
|
|
|
Treasury stock, at cost
|
|
|
(4,359)
|
|
|
|
(4,320)
|
|
|
|
(3,315)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity
|
|
|
42,801
|
|
|
|
41,632
|
|
|
|
41,211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
290,500
|
|
|
$
|
296,933
|
|
|
$
|
300,145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ONE FINANCIAL CORPORATION (COF)
|
|
Table 5: Notes to Financial & Selected Metrics and Consolidated Financial Statements (Tables 1 — 4)
|
|
(1)
|
Certain prior period amounts have been reclassified to conform to the current period presentation.
|
|
(2)
|
We recorded the following related to mortgage representation and warranty losses: a benefit of $33 million in Q1 2014 (which includes a benefit of $47 million before taxes in discontinued operations and a provision of $14 million before taxes in continuing operations), a provision of $33 million in Q4 2013, a benefit of $4 million in Q3 2013, and provisions of $183 million and $97 million in Q2 2013 and Q1 2013 respectively. Historically, the majority of the provision for representation and warranty losses is included net of tax in discontinued operations, with the remaining amount included pre-tax in non-interest income. The mortgage representation and warranty reserve was $1.1 billion as of March 31, 2014, $1.2 billion as of December 31, 2013 and $994 million as of March 31, 2013.
|
|
(3)
|
Total net revenue was reduced by $163 million in Q1 2014, $185 million in Q4 2013, $154 million in Q3 2013, $192 million in Q2 2013 and $265 million in Q1 2013 for the estimated uncollectible amount of billed finance charges and fees.
|
|
(4)
|
Includes purchased credit card relationship ("PCCR") intangible amortization of $98 million in Q1 2014, $102 million in Q4 2013, $106 million in Q3 2013, $110 million in Q2 2013 and $116 million in Q1 2013, the substantial majority of which is attributable to the 2012 U.S. card acquisition. Includes core deposit intangible amortization of $36 million in Q1 2014, $38 million in Q4 2013, $40 million in Q3 2013, $43 million in Q2 2013 and $44 million in Q1 2013.
|
|
(5)
|
Acquisition-related costs include transaction costs, legal and other professional or consulting fees, restructuring costs, and integration expense.
|
|
(6)
|
Dividends and undistributed earnings allocated to participating securities, earnings per share, and preferred stock dividends are computed independently for each period. Accordingly, the sum of each quarter may not agree to the year-to-date total.
|
|
(7)
|
Tangible book value per common share is a non-GAAP measure calculated based on tangible common equity divided by common shares outstanding. See "Table 13: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures" for additional information.
|
|
(8)
|
Loans held for investment includes acquired loans accounted for based on cash flows expected to be collected. We use the term "acquired loans" to refer to a limited portion of the credit card loans acquired in the 2012 U.S. card acquisition and the substantial majority of loans acquired in the ING Direct and Chevy Chase Bank acquisitions, which were recorded at fair value at acquisition and subsequently accounted for based on estimated cash flows expected to be collected over the life of the loans (under the accounting standard formerly known as "SOP 03-3"). The table below presents amounts related to acquired loans accounted for under SOP 03-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) (unaudited)
|
|
2014
Q1
|
|
|
2013
Q4
|
|
|
2013
Q3
|
|
|
2013
Q2
|
|
|
2013
Q1
|
|
|
Acquired loans accounted for under SOP 03-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end unpaid principal balance
|
|
$
|
28,549
|
|
|
$
|
29,761
|
|
|
$
|
31,377
|
|
|
$
|
33,620
|
|
|
$
|
36,216
|
|
|
Period-end loans held for investment
|
|
|
27,390
|
|
|
|
28,550
|
|
|
|
30,080
|
|
|
|
32,275
|
|
|
|
34,943
|
|
|
Average loans held for investment
|
|
|
27,760
|
|
|
|
29,055
|
|
|
|
30,713
|
|
|
|
33,144
|
|
|
|
35,706
|
|
|
|
|
(9)
|
Calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
|
|
(10)
|
Calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.
|
|
(11)
|
Calculated based on annualized income from continuing operations, net of tax, for the period divided by average total assets for the period.
|
|
(12)
|
Calculated based on annualized income from continuing operations, net of tax, for the period divided by average tangible assets for the period. See "Table 13: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures" for additional information.
|
|
(13)
|
Calculated based on the annualized sum of (i) income from continuing operations, net of tax; (ii) less dividends and undistributed earnings allocated to participating securities; (iii) less preferred stock dividends, for the period, divided by average common equity for the period. Our calculation of return on average common equity may not be comparable to similarly titled measures reported by other companies.
|
|
(14)
|
Calculated based on the annualized sum of (i) income from continuing operations, net of tax; (ii) less dividends and undistributed earnings allocated to participating securities; (iii) less preferred stock dividends, for the period, divided by average tangible common equity for the period. Our calculation of return on average tangible common equity may not be comparable to similarly titled measures reported by other companies. See "Table 13: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures" for additional information.
|
|
(15)
|
Calculated based on annualized non-interest expense for the period divided by average loans held for investment for the period.
|
|
(16)
|
Calculated based on non-interest expense for the period divided by total net revenue for the period.
|
|
(17)
|
Calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period.
|
|
(18)
|
Beginning on January 1, 2014, we calculate our regulatory capital under Basel III Standardized Approach subject to transition provisions. We calculated regulatory capital measures for periods prior to the first quarter of 2014 under Basel I. Ratios as of the end of Q1 2014 are preliminary and therefore subject to change. TCE ratio is a non-GAAP measure. See "Table 13: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures" for information on the calculation of each of these ratios.
|
|
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 6: Average Balances, Net Interest Income and Net Interest Margin(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 Q1
|
|
|
2013 Q4
|
|
|
2013 Q1
|
|
|
(Dollars in millions)(unaudited)
|
|
Average
Balance
|
|
|
Interest
Income/
Expense(2)
|
|
|
Yield/
Rate(2)
|
|
|
Average
Balance
|
|
|
Interest
Income/
Expense(2)
|
|
|
Yield/
Rate(2)
|
|
|
Average
Balance
|
|
|
Interest
Income/
Expense(2)
|
|
|
Yield/
Rate(2)
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including loans held for sale
|
|
$
|
194,020
|
|
|
$
|
4,307
|
|
|
|
8.88
|
%
|
|
$
|
193,368
|
|
|
$
|
4,398
|
|
|
|
9.10
|
%
|
|
$
|
200,441
|
|
|
$
|
4,649
|
|
|
|
9.28
|
%
|
|
Investment securities(3)
|
|
|
62,124
|
|
|
|
416
|
|
|
|
2.68
|
|
|
|
62,919
|
|
|
|
414
|
|
|
|
2.63
|
|
|
|
64,798
|
|
|
|
374
|
|
|
|
2.31
|
|
|
Cash equivalents and other
|
|
|
6,515
|
|
|
|
30
|
|
|
|
1.84
|
|
|
|
6,670
|
|
|
|
27
|
|
|
|
1.62
|
|
|
|
7,106
|
|
|
|
28
|
|
|
|
1.58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning assets
|
|
$
|
262,659
|
|
|
$
|
4,753
|
|
|
|
7.24
|
%
|
|
$
|
262,957
|
|
|
$
|
4,839
|
|
|
|
7.36
|
%
|
|
$
|
272,345
|
|
|
$
|
5,051
|
|
|
|
7.42
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits
|
|
$
|
184,183
|
|
|
$
|
276
|
|
|
|
0.60
|
%
|
|
$
|
184,206
|
|
|
$
|
288
|
|
|
|
0.63
|
%
|
|
$
|
190,612
|
|
|
$
|
326
|
|
|
|
0.68
|
%
|
|
Securitized debt obligations
|
|
|
10,418
|
|
|
|
38
|
|
|
|
1.46
|
|
|
|
9,873
|
|
|
|
40
|
|
|
|
1.62
|
|
|
|
11,758
|
|
|
|
56
|
|
|
|
1.91
|
|
|
Senior and subordinated notes
|
|
|
14,162
|
|
|
|
77
|
|
|
|
2.17
|
|
|
|
12,765
|
|
|
|
75
|
|
|
|
2.35
|
|
|
|
11,984
|
|
|
|
82
|
|
|
|
2.74
|
|
|
Other borrowings
|
|
|
11,398
|
|
|
|
12
|
|
|
|
0.42
|
|
|
|
13,825
|
|
|
|
13
|
|
|
|
0.38
|
|
|
|
17,832
|
|
|
|
17
|
|
|
|
0.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities
|
|
$
|
220,161
|
|
|
$
|
403
|
|
|
|
0.73
|
%
|
|
$
|
220,669
|
|
|
$
|
416
|
|
|
|
0.75
|
%
|
|
$
|
232,186
|
|
|
$
|
481
|
|
|
|
0.83
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income/spread
|
|
|
|
|
|
$
|
4,350
|
|
|
|
6.51
|
%
|
|
|
|
|
|
$
|
4,423
|
|
|
|
6.61
|
%
|
|
|
|
|
|
$
|
4,570
|
|
|
|
6.59
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact of non-interest bearing funding
|
|
|
|
|
|
|
|
|
|
|
0.11
|
|
|
|
|
|
|
|
|
|
|
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin
|
|
|
|
|
|
|
|
|
|
|
6.62
|
%
|
|
|
|
|
|
|
|
|
|
|
6.73
|
%
|
|
|
|
|
|
|
|
|
|
|
6.71
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Certain prior period amounts have been reclassified to conform to the current period presentation.
|
|
(2)
|
Interest income and interest expense and the calculation of average yields on interest-earning assets and average rates on interest-bearing liabilities include the impact of hedge accounting.
|
|
(3)
|
Prior to Q2 2013, average balances for investment securities were calculated based on fair value amounts. Effective Q2 2013, average balances are calculated based on the amortized cost of investment securities. The impact of this change on prior period yields is not material.
|
|
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 7: Loan Information and Performance Statistics(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions)(unaudited)
|
|
2014
Q1
|
|
|
2013
Q4
|
|
|
2013
Q3
|
|
|
2013
Q2
|
|
|
2013
Q1
|
|
|
Period-end Loans Held For Investment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic credit card
|
|
$
|
68,275
|
|
|
$
|
73,255
|
|
|
$
|
69,936
|
|
|
$
|
70,490
|
|
|
$
|
70,361
|
|
|
International credit card
|
|
|
7,575
|
|
|
|
8,050
|
|
|
|
8,031
|
|
|
|
7,820
|
|
|
|
8,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total credit card
|
|
|
75,850
|
|
|
|
81,305
|
|
|
|
77,967
|
|
|
|
78,310
|
|
|
|
78,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
|
33,080
|
|
|
|
31,857
|
|
|
|
30,803
|
|
|
|
29,369
|
|
|
|
27,940
|
|
|
Home loan
|
|
|
34,035
|
|
|
|
35,282
|
|
|
|
36,817
|
|
|
|
39,163
|
|
|
|
41,931
|
|
|
Retail banking
|
|
|
3,612
|
|
|
|
3,623
|
|
|
|
3,665
|
|
|
|
3,686
|
|
|
|
3,742
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total consumer banking
|
|
|
70,727
|
|
|
|
70,762
|
|
|
|
71,285
|
|
|
|
72,218
|
|
|
|
73,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
|
21,256
|
|
|
|
20,750
|
|
|
|
19,523
|
|
|
|
18,570
|
|
|
|
17,878
|
|
|
Commercial and industrial
|
|
|
24,064
|
|
|
|
23,309
|
|
|
|
21,848
|
|
|
|
21,170
|
|
|
|
20,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total commercial lending
|
|
|
45,320
|
|
|
|
44,059
|
|
|
|
41,371
|
|
|
|
39,740
|
|
|
|
38,005
|
|
|
Small-ticket commercial real estate
|
|
|
910
|
|
|
|
952
|
|
|
|
1,028
|
|
|
|
1,065
|
|
|
|
1,145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total commercial banking
|
|
|
46,230
|
|
|
|
45,011
|
|
|
|
42,399
|
|
|
|
40,805
|
|
|
|
39,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other loans
|
|
|
134
|
|
|
|
121
|
|
|
|
163
|
|
|
|
179
|
|
|
|
173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
192,941
|
|
|
$
|
197,199
|
|
|
$
|
191,814
|
|
|
$
|
191,512
|
|
|
$
|
191,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Loans Held For Investment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic credit card
|
|
$
|
69,810
|
|
|
$
|
70,368
|
|
|
$
|
69,947
|
|
|
$
|
69,966
|
|
|
$
|
74,714
|
|
|
International credit card
|
|
|
7,692
|
|
|
|
7,899
|
|
|
|
7,782
|
|
|
|
7,980
|
|
|
|
8,238
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total credit card
|
|
|
77,502
|
|
|
|
78,267
|
|
|
|
77,729
|
|
|
|
77,946
|
|
|
|
82,952
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
|
32,387
|
|
|
|
31,424
|
|
|
|
30,157
|
|
|
|
28,677
|
|
|
|
27,477
|
|
|
Home loan
|
|
|
34,646
|
|
|
|
35,974
|
|
|
|
37,852
|
|
|
|
40,532
|
|
|
|
43,023
|
|
|
Retail banking
|
|
|
3,630
|
|
|
|
3,635
|
|
|
|
3,655
|
|
|
|
3,721
|
|
|
|
3,786
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total consumer banking
|
|
|
70,663
|
|
|
|
71,033
|
|
|
|
71,664
|
|
|
|
72,930
|
|
|
|
74,286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
|
20,962
|
|
|
|
19,928
|
|
|
|
19,047
|
|
|
|
18,084
|
|
|
|
17,454
|
|
|
Commercial and industrial
|
|
|
23,541
|
|
|
|
22,445
|
|
|
|
21,491
|
|
|
|
20,332
|
|
|
|
19,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total commercial lending
|
|
|
44,503
|
|
|
|
42,373
|
|
|
|
40,538
|
|
|
|
38,416
|
|
|
|
37,403
|
|
|
Small-ticket commercial real estate
|
|
|
932
|
|
|
|
986
|
|
|
|
1,038
|
|
|
|
1,096
|
|
|
|
1,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total commercial banking
|
|
|
45,435
|
|
|
|
43,359
|
|
|
|
41,576
|
|
|
|
39,512
|
|
|
|
38,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other loans
|
|
|
122
|
|
|
|
154
|
|
|
|
166
|
|
|
|
174
|
|
|
|
183
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
193,722
|
|
|
$
|
192,813
|
|
|
$
|
191,135
|
|
|
$
|
190,562
|
|
|
$
|
195,997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Charge-off Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic credit card
|
|
|
4.01
|
%
|
|
|
3.89
|
%
|
|
|
3.67
|
%
|
|
|
4.28
|
%
|
|
|
4.43
|
%
|
|
International credit card
|
|
|
4.17
|
|
|
|
4.74
|
|
|
|
4.71
|
|
|
|
5.08
|
|
|
|
4.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total credit card
|
|
|
4.02
|
|
|
|
3.98
|
|
|
|
3.78
|
|
|
|
4.36
|
|
|
|
4.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
|
1.66
|
|
|
|
2.30
|
|
|
|
2.01
|
|
|
|
1.28
|
|
|
|
1.78
|
|
|
Home loan
|
|
|
0.06
|
|
|
|
0.03
|
|
|
|
0.06
|
|
|
|
0.03
|
|
|
|
0.04
|
|
|
Retail banking
|
|
|
0.95
|
|
|
|
1.09
|
|
|
|
1.38
|
|
|
|
1.50
|
|
|
|
1.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total consumer banking
|
|
|
0.84
|
|
|
|
1.09
|
|
|
|
0.95
|
|
|
|
0.60
|
|
|
|
0.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
|
0.01
|
|
|
|
(0.11)
|
|
|
|
(0.11)
|
|
|
|
0.04
|
|
|
|
0.01
|
|
|
Commercial and industrial
|
|
|
0.03
|
|
|
|
0.04
|
|
|
|
0.18
|
|
|
|
0.03
|
|
|
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total commercial lending
|
|
|
0.02
|
|
|
|
(0.03)
|
|
|
|
0.04
|
|
|
|
0.03
|
|
|
|
0.03
|
|
|
Small-ticket commercial real estate
|
|
|
0.67
|
|
|
|
(0.81)
|
|
|
|
1.26
|
|
|
|
0.45
|
|
|
|
1.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total commercial banking
|
|
|
0.04
|
|
|
|
(0.05)
|
|
|
|
0.07
|
|
|
|
0.04
|
|
|
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other loans
|
|
|
(0.68)
|
|
|
|
4.68
|
|
|
|
12.17
|
|
|
|
13.10
|
|
|
|
14.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1.92
|
%
|
|
|
2.01
|
%
|
|
|
1.92
|
%
|
|
|
2.03
|
%
|
|
|
2.20
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30+ Day Performing Delinquency Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic credit card
|
|
|
3.02
|
%
|
|
|
3.43
|
%
|
|
|
3.46
|
%
|
|
|
3.05
|
%
|
|
|
3.37
|
%
|
|
International credit card
|
|
|
3.59
|
|
|
|
3.71
|
|
|
|
3.86
|
|
|
|
3.84
|
|
|
|
4.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total credit card
|
|
|
3.08
|
|
|
|
3.46
|
|
|
|
3.51
|
|
|
|
3.13
|
|
|
|
3.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
|
5.29
|
|
|
|
6.85
|
|
|
|
6.29
|
|
|
|
6.03
|
|
|
|
5.58
|
|
|
Home loan
|
|
|
0.12
|
|
|
|
0.16
|
|
|
|
0.14
|
|
|
|
0.12
|
|
|
|
0.14
|
|
|
Retail banking
|
|
|
0.74
|
|
|
|
0.69
|
|
|
|
0.68
|
|
|
|
0.68
|
|
|
|
0.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total consumer banking
|
|
|
2.57
|
%
|
|
|
3.20
|
%
|
|
|
2.82
|
%
|
|
|
2.55
|
%
|
|
|
2.24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Asset Rates(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International credit card
|
|
|
1.07
|
%
|
|
|
1.10
|
%
|
|
|
1.16
|
%
|
|
|
1.20
|
%
|
|
|
1.13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total credit card
|
|
|
0.11
|
|
|
|
0.11
|
|
|
|
0.12
|
|
|
|
0.12
|
|
|
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto(10)
|
|
|
0.81
|
|
|
|
1.11
|
|
|
|
0.92
|
|
|
|
0.81
|
|
|
|
0.71
|
|
|
Home loan
|
|
|
1.17
|
|
|
|
1.14
|
|
|
|
1.08
|
|
|
|
1.08
|
|
|
|
1.02
|
|
|
Retail banking
|
|
|
1.15
|
|
|
|
1.13
|
|
|
|
1.10
|
|
|
|
1.11
|
|
|
|
1.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total consumer banking
|
|
|
1.00
|
|
|
|
1.12
|
|
|
|
1.01
|
|
|
|
0.97
|
|
|
|
0.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
|
0.31
|
|
|
|
0.29
|
|
|
|
0.40
|
|
|
|
0.56
|
|
|
|
0.76
|
|
|
Commercial and industrial
|
|
|
0.40
|
|
|
|
0.44
|
|
|
|
0.65
|
|
|
|
0.65
|
|
|
|
0.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total commercial lending
|
|
|
0.35
|
|
|
|
0.37
|
|
|
|
0.53
|
|
|
|
0.61
|
|
|
|
0.69
|
|
|
Small-ticket commercial real estate
|
|
|
0.73
|
|
|
|
0.43
|
|
|
|
1.49
|
|
|
|
1.11
|
|
|
|
2.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total commercial banking
|
|
|
0.36
|
%
|
|
|
0.37
|
%
|
|
|
0.56
|
%
|
|
|
0.62
|
%
|
|
|
0.74
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 8: Financial & Statistical Summary—Credit Card Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2013
|
|
|
2013
|
|
|
2013
|
|
|
(Dollars in millions) (unaudited)
|
|
Q1
|
|
|
Q4
|
|
|
Q3
|
|
|
Q2
|
|
|
Q1
|
|
|
Credit Card
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
2,525
|
|
|
$
|
2,576
|
|
|
$
|
2,757
|
|
|
$
|
2,804
|
|
|
$
|
2,830
|
|
|
Non-interest income
|
|
|
785
|
|
|
|
833
|
|
|
|
834
|
|
|
|
832
|
|
|
|
821
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenue
|
|
|
3,310
|
|
|
|
3,409
|
|
|
|
3,591
|
|
|
|
3,636
|
|
|
|
3,651
|
|
|
Provision for credit losses
|
|
|
558
|
|
|
|
751
|
|
|
|
617
|
|
|
|
713
|
|
|
|
743
|
|
|
Non-interest expense
|
|
|
1,726
|
|
|
|
1,868
|
|
|
|
1,904
|
|
|
|
1,819
|
|
|
|
1,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before taxes
|
|
|
1,026
|
|
|
|
790
|
|
|
|
1,070
|
|
|
|
1,104
|
|
|
|
1,060
|
|
|
Income tax provision
|
|
|
358
|
|
|
|
274
|
|
|
|
376
|
|
|
|
385
|
|
|
|
374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of tax
|
|
$
|
668
|
|
|
$
|
516
|
|
|
$
|
694
|
|
|
$
|
719
|
|
|
$
|
686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held for investment
|
|
$
|
75,850
|
|
|
$
|
81,305
|
|
|
$
|
77,967
|
|
|
$
|
78,310
|
|
|
$
|
78,397
|
|
|
Average loans held for investment
|
|
|
77,502
|
|
|
|
78,267
|
|
|
|
77,729
|
|
|
|
77,946
|
|
|
|
82,952
|
|
|
Average yield on loans held for investment(4)
|
|
|
14.43
|
%
|
|
|
14.64
|
%
|
|
|
15.72
|
%
|
|
|
15.94
|
%
|
|
|
15.16
|
%
|
|
Total net revenue margin(5)
|
|
|
17.08
|
|
|
|
17.43
|
|
|
|
18.48
|
|
|
|
18.66
|
|
|
|
17.61
|
|
|
Net charge-off rate
|
|
|
4.02
|
|
|
|
3.98
|
|
|
|
3.78
|
|
|
|
4.36
|
|
|
|
4.45
|
|
|
30+ day performing delinquency rate
|
|
|
3.08
|
|
|
|
3.46
|
|
|
|
3.51
|
|
|
|
3.13
|
|
|
|
3.44
|
|
|
30+ day delinquency rate
|
|
|
3.16
|
|
|
|
3.54
|
|
|
|
3.60
|
|
|
|
3.22
|
|
|
|
3.53
|
|
|
Nonperforming loan rate(3)
|
|
|
0.11
|
|
|
|
0.11
|
|
|
|
0.12
|
|
|
|
0.12
|
|
|
|
0.12
|
|
|
Card loan premium amortization and other intangible accretion(6)
|
|
$
|
37
|
|
|
$
|
39
|
|
|
$
|
45
|
|
|
$
|
57
|
|
|
$
|
57
|
|
|
PCCR intangible amortization
|
|
|
98
|
|
|
|
102
|
|
|
|
106
|
|
|
|
110
|
|
|
|
116
|
|
|
Purchase volume(7)
|
|
|
47,434
|
|
|
|
54,245
|
|
|
|
50,943
|
|
|
|
50,788
|
|
|
|
45,098
|
|
|
Domestic Card
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
2,255
|
|
|
$
|
2,303
|
|
|
$
|
2,492
|
|
|
$
|
2,536
|
|
|
$
|
2,556
|
|
|
Non-interest income
|
|
|
702
|
|
|
|
747
|
|
|
|
749
|
|
|
|
737
|
|
|
|
724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenue
|
|
|
2,957
|
|
|
|
3,050
|
|
|
|
3,241
|
|
|
|
3,273
|
|
|
|
3,280
|
|
|
Provision for credit losses
|
|
|
486
|
|
|
|
679
|
|
|
|
529
|
|
|
|
647
|
|
|
|
647
|
|
|
Non-interest expense
|
|
|
1,545
|
|
|
|
1,664
|
|
|
|
1,713
|
|
|
|
1,635
|
|
|
|
1,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before taxes
|
|
|
926
|
|
|
|
707
|
|
|
|
999
|
|
|
|
991
|
|
|
|
1,000
|
|
|
Income tax provision
|
|
|
331
|
|
|
|
252
|
|
|
|
355
|
|
|
|
353
|
|
|
|
356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of tax
|
|
$
|
595
|
|
|
$
|
455
|
|
|
$
|
644
|
|
|
$
|
638
|
|
|
$
|
644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held for investment
|
|
$
|
68,275
|
|
|
$
|
73,255
|
|
|
$
|
69,936
|
|
|
$
|
70,490
|
|
|
$
|
70,361
|
|
|
Average loans held for investment
|
|
|
69,810
|
|
|
|
70,368
|
|
|
|
69,947
|
|
|
|
69,966
|
|
|
|
74,714
|
|
|
Average yield on loans held for investment(4)
|
|
|
14.19
|
%
|
|
|
14.44
|
%
|
|
|
15.65
|
%
|
|
|
15.91
|
%
|
|
|
15.07
|
%
|
|
Total net revenue margin(5)
|
|
|
16.94
|
|
|
|
17.34
|
|
|
|
18.53
|
|
|
|
18.71
|
|
|
|
17.56
|
|
|
Net charge-off rate
|
|
|
4.01
|
|
|
|
3.89
|
|
|
|
3.67
|
|
|
|
4.28
|
|
|
|
4.43
|
|
|
30+ day performing delinquency rate
|
|
|
3.02
|
|
|
|
3.43
|
|
|
|
3.46
|
|
|
|
3.05
|
|
|
|
3.37
|
|
|
30+ day delinquency rate
|
|
|
3.02
|
|
|
|
3.43
|
|
|
|
3.46
|
|
|
|
3.05
|
|
|
|
3.37
|
|
|
Purchase volume(7)
|
|
$
|
44,139
|
|
|
$
|
50,377
|
|
|
$
|
47,420
|
|
|
$
|
47,273
|
|
|
$
|
41,831
|
|
|
International Card
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
270
|
|
|
$
|
273
|
|
|
$
|
265
|
|
|
$
|
268
|
|
|
$
|
274
|
|
|
Non-interest income
|
|
|
83
|
|
|
|
86
|
|
|
|
85
|
|
|
|
95
|
|
|
|
97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenue
|
|
|
353
|
|
|
|
359
|
|
|
|
350
|
|
|
|
363
|
|
|
|
371
|
|
|
Provision for credit losses
|
|
|
72
|
|
|
|
72
|
|
|
|
88
|
|
|
|
66
|
|
|
|
96
|
|
|
Non-interest expense
|
|
|
181
|
|
|
|
204
|
|
|
|
191
|
|
|
|
184
|
|
|
|
215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before taxes
|
|
|
100
|
|
|
|
83
|
|
|
|
71
|
|
|
|
113
|
|
|
|
60
|
|
|
Income tax provision
|
|
|
27
|
|
|
|
22
|
|
|
|
21
|
|
|
|
32
|
|
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of tax
|
|
$
|
73
|
|
|
$
|
61
|
|
|
$
|
50
|
|
|
$
|
81
|
|
|
$
|
42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held for investment
|
|
$
|
7,575
|
|
|
$
|
8,050
|
|
|
$
|
8,031
|
|
|
$
|
7,820
|
|
|
$
|
8,036
|
|
|
Average loans held for investment
|
|
|
7,692
|
|
|
|
7,899
|
|
|
|
7,782
|
|
|
|
7,980
|
|
|
|
8,238
|
|
|
Average yield on loans held for investment
|
|
|
16.64
|
%
|
|
|
16.48
|
%
|
|
|
16.35
|
%
|
|
|
16.19
|
%
|
|
|
15.97
|
%
|
|
Total net revenue margin
|
|
|
18.38
|
|
|
|
18.20
|
|
|
|
17.99
|
|
|
|
18.20
|
|
|
|
18.01
|
|
|
Net charge-off rate
|
|
|
4.17
|
|
|
|
4.74
|
|
|
|
4.71
|
|
|
|
5.08
|
|
|
|
4.59
|
|
|
30+ day performing delinquency rate
|
|
|
3.59
|
|
|
|
3.71
|
|
|
|
3.86
|
|
|
|
3.84
|
|
|
|
4.04
|
|
|
30+ day delinquency rate
|
|
|
4.41
|
|
|
|
4.56
|
|
|
|
4.78
|
|
|
|
4.79
|
|
|
|
4.93
|
|
|
Nonperforming loan rate(3)
|
|
|
1.07
|
|
|
|
1.10
|
|
|
|
1.16
|
|
|
|
1.20
|
|
|
|
1.13
|
|
|
Purchase volume(7)
|
|
$
|
3,295
|
|
|
$
|
3,868
|
|
|
$
|
3,523
|
|
|
$
|
3,515
|
|
|
$
|
3,267
|
|
|
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 9: Financial & Statistical Summary—Consumer Banking Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2013
|
|
|
2013
|
|
|
2013
|
|
|
(Dollars in millions) (unaudited)
|
|
Q1
|
|
|
Q4
|
|
|
Q3
|
|
|
Q2
|
|
|
Q1
|
|
|
Consumer Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
1,433
|
|
|
$
|
1,468
|
|
|
$
|
1,481
|
|
|
$
|
1,478
|
|
|
$
|
1,478
|
|
|
Non-interest income
|
|
|
150
|
|
|
|
195
|
|
|
|
184
|
|
|
|
189
|
|
|
|
181
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenue
|
|
|
1,583
|
|
|
|
1,663
|
|
|
|
1,665
|
|
|
|
1,667
|
|
|
|
1,659
|
|
|
Provision for credit losses
|
|
|
140
|
|
|
|
212
|
|
|
|
202
|
|
|
|
67
|
|
|
|
175
|
|
|
Non-interest expense
|
|
|
930
|
|
|
|
1,018
|
|
|
|
927
|
|
|
|
910
|
|
|
|
890
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before taxes
|
|
|
513
|
|
|
|
433
|
|
|
|
536
|
|
|
|
690
|
|
|
|
594
|
|
|
Income tax provision
|
|
|
183
|
|
|
|
154
|
|
|
|
191
|
|
|
|
246
|
|
|
|
211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of tax
|
|
$
|
330
|
|
|
$
|
279
|
|
|
$
|
345
|
|
|
$
|
444
|
|
|
$
|
383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held for investment
|
|
$
|
70,727
|
|
|
$
|
70,762
|
|
|
$
|
71,285
|
|
|
$
|
72,218
|
|
|
$
|
73,613
|
|
|
Average loans held for investment
|
|
|
70,663
|
|
|
|
71,033
|
|
|
|
71,664
|
|
|
|
72,930
|
|
|
|
74,286
|
|
|
Average yield on loans held for investment
|
|
|
6.18
|
%
|
|
|
6.30
|
%
|
|
|
6.21
|
%
|
|
|
5.99
|
%
|
|
|
5.93
|
%
|
|
Auto loan originations
|
|
$
|
4,727
|
|
|
$
|
4,322
|
|
|
$
|
4,752
|
|
|
$
|
4,525
|
|
|
$
|
3,789
|
|
|
Period-end deposits
|
|
|
171,529
|
|
|
|
167,652
|
|
|
|
168,437
|
|
|
|
169,789
|
|
|
|
172,605
|
|
|
Average deposits
|
|
|
168,676
|
|
|
|
167,870
|
|
|
|
169,082
|
|
|
|
170,733
|
|
|
|
171,089
|
|
|
Average deposit interest rate
|
|
|
0.57
|
%
|
|
|
0.60
|
%
|
|
|
0.63
|
%
|
|
|
0.64
|
%
|
|
|
0.64
|
%
|
|
Core deposit intangible amortization
|
|
$
|
30
|
|
|
$
|
32
|
|
|
$
|
34
|
|
|
$
|
35
|
|
|
$
|
37
|
|
|
Net charge-off rate
|
|
|
0.84
|
%
|
|
|
1.09
|
%
|
|
|
0.95
|
%
|
|
|
0.60
|
%
|
|
|
0.78
|
%
|
|
30+ day performing delinquency rate
|
|
|
2.57
|
|
|
|
3.20
|
|
|
|
2.82
|
|
|
|
2.55
|
|
|
|
2.24
|
|
|
30+ day delinquency rate
|
|
|
3.14
|
|
|
|
3.89
|
|
|
|
3.46
|
|
|
|
3.15
|
|
|
|
2.81
|
|
|
Nonperforming loan rate(3)
|
|
|
0.74
|
|
|
|
0.86
|
|
|
|
0.79
|
|
|
|
0.78
|
|
|
|
0.74
|
|
|
Nonperforming asset rate(2)
|
|
|
1.00
|
|
|
|
1.12
|
|
|
|
1.01
|
|
|
|
0.97
|
|
|
|
0.91
|
|
|
Period-end loans serviced for others
|
|
$
|
6,868
|
|
|
$
|
7,665
|
|
|
$
|
14,043
|
|
|
$
|
14,313
|
|
|
$
|
14,869
|
|
|
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 10: Financial & Statistical Summary—Commercial Banking Business(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
2013
|
|
|
2013
|
|
|
2013
|
|
|
(Dollars in millions) (unaudited)
|
|
Q1
|
|
|
Q4
|
|
|
Q3
|
|
|
Q2
|
|
|
Q1
|
|
|
Commercial Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
421
|
|
|
$
|
447
|
|
|
$
|
424
|
|
|
$
|
402
|
|
|
$
|
401
|
|
|
Non-interest income
|
|
|
87
|
|
|
|
131
|
|
|
|
87
|
|
|
|
93
|
|
|
|
84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenue(8)(11)
|
|
|
508
|
|
|
|
578
|
|
|
|
511
|
|
|
|
495
|
|
|
|
485
|
|
|
Provision for credit losses
|
|
|
40
|
|
|
|
(6)
|
|
|
|
31
|
|
|
|
(14)
|
|
|
|
(35)
|
|
|
Non-interest expense
|
|
|
255
|
|
|
|
281
|
|
|
|
228
|
|
|
|
228
|
|
|
|
221
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before taxes
|
|
|
213
|
|
|
|
303
|
|
|
|
252
|
|
|
|
281
|
|
|
|
299
|
|
|
Income tax provision
|
|
|
76
|
|
|
|
108
|
|
|
|
90
|
|
|
|
100
|
|
|
|
106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of tax
|
|
$
|
137
|
|
|
$
|
195
|
|
|
$
|
162
|
|
|
$
|
181
|
|
|
$
|
193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held for investment
|
|
$
|
46,230
|
|
|
$
|
45,011
|
|
|
$
|
42,399
|
|
|
$
|
40,805
|
|
|
$
|
39,150
|
|
|
Average loans held for investment
|
|
|
45,435
|
|
|
|
43,359
|
|
|
|
41,576
|
|
|
|
39,512
|
|
|
|
38,576
|
|
|
Average yield on loans held for investment(8)
|
|
|
3.47
|
%
|
|
|
3.92
|
%
|
|
|
3.87
|
%
|
|
|
3.84
|
%
|
|
|
3.91
|
%
|
|
Period-end deposits
|
|
$
|
31,485
|
|
|
$
|
30,567
|
|
|
$
|
30,592
|
|
|
$
|
30,869
|
|
|
$
|
30,275
|
|
|
Average deposits
|
|
|
31,627
|
|
|
|
31,033
|
|
|
|
30,685
|
|
|
|
30,746
|
|
|
|
30,335
|
|
|
Average deposit interest rate
|
|
|
0.25
|
%
|
|
|
0.25
|
%
|
|
|
0.27
|
%
|
|
|
0.26
|
%
|
|
|
0.28
|
%
|
|
Core deposit intangible amortization
|
|
$
|
6
|
|
|
$
|
6
|
|
|
$
|
6
|
|
|
$
|
8
|
|
|
$
|
7
|
|
|
Net charge-off rate
|
|
|
0.04
|
%
|
|
|
(0.05)
|
%
|
|
|
0.07
|
%
|
|
|
0.04
|
%
|
|
|
0.07
|
%
|
|
Nonperforming loan rate(3)
|
|
|
0.33
|
|
|
|
0.33
|
|
|
|
0.47
|
|
|
|
0.60
|
|
|
|
0.71
|
|
|
Nonperforming asset rate(2)
|
|
|
0.36
|
|
|
|
0.37
|
|
|
|
0.56
|
|
|
|
0.62
|
|
|
|
0.74
|
|
|
|
|
|
|
|
|
Risk category:(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncriticized
|
|
$
|
44,904
|
|
|
$
|
43,593
|
|
|
$
|
40,940
|
|
|
$
|
39,168
|
|
|
$
|
37,359
|
|
|
Criticized performing
|
|
|
952
|
|
|
|
1,007
|
|
|
|
968
|
|
|
|
1,087
|
|
|
|
1,191
|
|
|
Criticized nonperforming
|
|
|
150
|
|
|
|
149
|
|
|
|
201
|
|
|
|
244
|
|
|
|
277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total risk-rated loans
|
|
|
46,006
|
|
|
|
44,749
|
|
|
|
42,109
|
|
|
|
40,499
|
|
|
|
38,827
|
|
|
Acquired commercial loans
|
|
|
224
|
|
|
|
262
|
|
|
|
290
|
|
|
|
306
|
|
|
|
323
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total commercial loans
|
|
$
|
46,230
|
|
|
$
|
45,011
|
|
|
$
|
42,399
|
|
|
$
|
40,805
|
|
|
$
|
39,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of period-end commercial loans held for investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncriticized
|
|
|
97.1
|
%
|
|
|
96.9
|
%
|
|
|
96.5
|
%
|
|
|
96.0
|
%
|
|
|
95.4
|
%
|
|
Criticized performing
|
|
|
2.1
|
|
|
|
2.2
|
|
|
|
2.3
|
|
|
|
2.7
|
|
|
|
3.1
|
|
|
Criticized nonperforming
|
|
|
0.3
|
|
|
|
0.3
|
|
|
|
0.5
|
|
|
|
0.6
|
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total risk-rated loans
|
|
|
99.5
|
|
|
|
99.4
|
|
|
|
99.3
|
|
|
|
99.3
|
|
|
|
99.2
|
|
|
Acquired commercial loans
|
|
|
0.5
|
|
|
|
0.6
|
|
|
|
0.7
|
|
|
|
0.7
|
|
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total commercial loans
|
|
|
100.0
|
%
|
|
|
100.0
|
%
|
|
|
100.0
|
%
|
|
|
100.0
|
%
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 11: Financial & Statistical Summary—Other and Total(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) (unaudited)
|
|
2014
Q1
|
|
|
2013
Q4
|
|
|
2013
Q3
|
|
|
2013
Q2
|
|
|
2013
Q1
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest expense
|
|
$
|
(29)
|
|
|
$
|
(68)
|
|
|
$
|
(102)
|
|
|
$
|
(131)
|
|
|
$
|
(139)
|
|
|
Non-interest income
|
|
|
(2)
|
|
|
|
(38)
|
|
|
|
(14)
|
|
|
|
(29)
|
|
|
|
(105)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenue(11)
|
|
|
(31)
|
|
|
|
(106)
|
|
|
|
(116)
|
|
|
|
(160)
|
|
|
|
(244)
|
|
|
Provision for credit losses
|
|
|
(3)
|
|
|
|
—
|
|
|
|
(1)
|
|
|
|
(4)
|
|
|
|
2
|
|
|
Non-interest expense
|
|
|
21
|
|
|
|
68
|
|
|
|
50
|
|
|
|
61
|
|
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations before taxes
|
|
|
(49)
|
|
|
|
(174)
|
|
|
|
(165)
|
|
|
|
(217)
|
|
|
|
(278)
|
|
|
Income tax benefit
|
|
|
(38)
|
|
|
|
(59)
|
|
|
|
(82)
|
|
|
|
(100)
|
|
|
|
(150)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations, net of tax
|
|
$
|
(11)
|
|
|
$
|
(115)
|
|
|
$
|
(83)
|
|
|
$
|
(117)
|
|
|
$
|
(128)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held for investment
|
|
$
|
134
|
|
|
$
|
121
|
|
|
$
|
163
|
|
|
$
|
179
|
|
|
$
|
173
|
|
|
Average loans held for investment
|
|
|
122
|
|
|
|
154
|
|
|
|
166
|
|
|
|
174
|
|
|
|
183
|
|
|
Period-end deposits
|
|
|
5,310
|
|
|
|
6,304
|
|
|
|
7,805
|
|
|
|
9,207
|
|
|
|
9,530
|
|
|
Average deposits
|
|
|
5,539
|
|
|
|
6,803
|
|
|
|
8,573
|
|
|
|
9,171
|
|
|
|
10,131
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
4,350
|
|
|
$
|
4,423
|
|
|
$
|
4,560
|
|
|
$
|
4,553
|
|
|
$
|
4,570
|
|
|
Non-interest income
|
|
|
1,020
|
|
|
|
1,121
|
|
|
|
1,091
|
|
|
|
1,085
|
|
|
|
981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenue
|
|
|
5,370
|
|
|
|
5,544
|
|
|
|
5,651
|
|
|
|
5,638
|
|
|
|
5,551
|
|
|
Provision for credit losses
|
|
|
735
|
|
|
|
957
|
|
|
|
849
|
|
|
|
762
|
|
|
|
885
|
|
|
Non-interest expense
|
|
|
2,932
|
|
|
|
3,235
|
|
|
|
3,109
|
|
|
|
3,018
|
|
|
|
2,991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations before taxes
|
|
|
1,703
|
|
|
|
1,352
|
|
|
|
1,693
|
|
|
|
1,858
|
|
|
|
1,675
|
|
|
Income tax provision
|
|
|
579
|
|
|
|
477
|
|
|
|
575
|
|
|
|
631
|
|
|
|
541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of tax
|
|
$
|
1,124
|
|
|
$
|
875
|
|
|
$
|
1,118
|
|
|
$
|
1,227
|
|
|
$
|
1,134
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held for investment
|
|
$
|
192,941
|
|
|
$
|
197,199
|
|
|
$
|
191,814
|
|
|
$
|
191,512
|
|
|
$
|
191,333
|
|
|
Average loans held for investment
|
|
|
193,722
|
|
|
|
192,813
|
|
|
|
191,135
|
|
|
|
190,562
|
|
|
|
195,997
|
|
|
Period-end deposits
|
|
|
208,324
|
|
|
|
204,523
|
|
|
|
206,834
|
|
|
|
209,865
|
|
|
|
212,410
|
|
|
Average deposits
|
|
|
205,842
|
|
|
|
205,706
|
|
|
|
208,340
|
|
|
|
210,650
|
|
|
|
211,555
|
|
|
CAPITAL ONE FINANCIAL CORPORATION (COF)
|
|
Table 12: Notes to Loan and Business Segment Disclosures (Tables 7 — 11)
|
|
(1)
|
Certain prior period amounts have been reclassified to conform to the current period presentation.
|
|
(2)
|
Nonperforming assets consist of nonperforming loans, real estate owned ("REO") and other foreclosed assets. The nonperforming asset rates are calculated based on nonperforming assets for each category divided by the combined period-end total of loans held for investment, REO and other foreclosed assets for each respective category. Nonperforming assets related to acquired loans are excluded from the calculation.
|
|
(3)
|
The nonperforming loan rates are calculated based on nonperforming loans for each category divided by period-end loans held for investment for each respective category.
|
|
(4)
|
The transfer of the Best Buy Stores, L.P. ("Best Buy") portfolio to held for sale resulted in an increase in the average yield for Domestic Card and Total Credit Card of 121 basis points and 110 basis points, respectively, in Q3 2013, 168 basis points and 152 basis points, respectively, in Q2 2013 and 107 basis points and 97 basis points, respectively, in Q1 2013. The sale of the Best Buy portfolio was completed on September 6, 2013.
|
|
(5)
|
The transfer of the Best Buy portfolio to held for sale resulted in an increase in the net revenue margin for Domestic Card and Total Credit Card of 136 basis points and 123 basis points, respectively, in Q3 2013, 188 basis points and 169 basis points, respectively, in Q2 2013 and 123 basis points and 112 basis points, respectively, in Q1 2013. The sale of the Best Buy portfolio was completed on September 6, 2013.
|
|
(6)
|
Represents the net reduction in interest income attributable to non-SOP 03-3 card loan premium amortization and other intangible accretion associated with the 2012 U.S. card acquisition.
|
|
(7)
|
Includes credit card purchase transactions, net of returns for both loans classified as held for investment and held for sale. Excludes cash advance and balance transfer transactions.
|
|
(8)
|
Some of our tax-related commercial investments generate tax-exempt income or tax credits, accordingly we make certain reclassifications within our Commercial Banking business results to present revenues and yields on a taxable-equivalent basis, calculated assuming an effective tax rate approximately equal to our federal statutory tax rate of 35%.
|
|
(9)
|
Criticized exposures correspond to the "Special Mention," "Substandard" and "Doubtful" asset categories defined by bank regulatory authorities.
|
|
(10)
|
Includes the net realizable value of auto loans that have been charged down as a result of a bankruptcy filing and repossessed assets obtained in satisfaction of auto loans.
|
|
(11)
|
Commercial Banking revenue related to qualified housing credits is presented on a taxable-equivalent basis. As a result of the adoption of ASU 2014-01 "Accounting for Investments in Qualified Affordable Housing Projects", losses related to these investments are now recognized, along with the associated tax benefits, as a component of income taxes attributable to continuing operations instead of non-interest expense. As such, losses related to these investments decrease the overall tax benefits recognized as a component of income taxes attributable to continuing operations and taxable-equivalent revenue in the Commercial Banking segment. This decrease in revenue is offset by an increase in revenue in the Other segment. Prior period amounts have been adjusted to conform to current period presentation.
|
|
CAPITAL ONE FINANCIAL CORPORATION (COF)
|
|
Table 13: Reconciliation of Non-GAAP Measures and Calculation of Regulatory Capital Measures
|
|
|
We report certain non-GAAP capital measures that management uses in assessing its capital adequacy. These non-GAAP measures include tangible common equity ("TCE"), tangible assets, and TCE ratio. The table below provides the details of the calculation of our regulatory capital and non-GAAP capital measures. While our non-GAAP capital measures are widely used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies, they may not be comparable to similarly titled measures reported by other companies.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions)(unaudited)
|
|
2014
Q1
|
|
|
2013
Q4
|
|
|
2013
Q3
|
|
|
2013
Q2
|
|
|
2013
Q1
|
|
|
Average Equity to Non-GAAP Average Tangible Common Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average stockholders' equity
|
|
$
|
42,859
|
|
|
|
42,355
|
|
|
$
|
41,185
|
|
|
$
|
41,490
|
|
|
$
|
40,880
|
|
|
Adjustments: Average goodwill and other intangible assets(1)
|
|
|
(15,727)
|
|
|
|
(15,847)
|
|
|
|
(15,829)
|
|
|
|
(15,974)
|
|
|
|
(16,141)
|
|
|
Noncumulative perpetual preferred stock(2)
|
|
|
(853)
|
|
|
|
(853)
|
|
|
|
(853)
|
|
|
|
(853)
|
|
|
|
(853)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible common equity
|
|
$
|
26,279
|
|
|
$
|
25,655
|
|
|
$
|
24,503
|
|
|
$
|
24,663
|
|
|
$
|
23,886
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of Period Stockholders' Equity to Non-GAAP Tangible Common Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period stockholders' equity
|
|
$
|
42,801
|
|
|
$
|
41,632
|
|
|
$
|
41,645
|
|
|
$
|
40,947
|
|
|
$
|
41,211
|
|
|
Adjustments: Goodwill and other intangible assets(1)
|
|
|
(15,666)
|
|
|
|
(15,784)
|
|
|
|
(15,760)
|
|
|
|
(15,872)
|
|
|
|
(15,992)
|
|
|
Noncumulative perpetual preferred stock(2)
|
|
|
(853)
|
|
|
|
(853)
|
|
|
|
(853)
|
|
|
|
(853)
|
|
|
|
(853)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
|
|
$
|
26,282
|
|
|
$
|
24,995
|
|
|
$
|
25,032
|
|
|
$
|
24,222
|
|
|
$
|
24,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Assets to Average Tangible Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets
|
|
$
|
294,275
|
|
|
$
|
294,040
|
|
|
$
|
294,919
|
|
|
$
|
297,748
|
|
|
$
|
303,226
|
|
|
Adjustments: Average goodwill and other intangible assets(1)
|
|
|
(15,727)
|
|
|
|
(15,847)
|
|
|
|
(15,829)
|
|
|
|
(15,974)
|
|
|
|
(16,141)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tangible assets
|
|
$
|
278,548
|
|
|
$
|
278,193
|
|
|
$
|
279,090
|
|
|
$
|
281,774
|
|
|
$
|
287,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of Period Assets to Tangible Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period assets
|
|
$
|
290,500
|
|
|
$
|
296,933
|
|
|
$
|
289,866
|
|
|
$
|
296,524
|
|
|
$
|
300,145
|
|
|
Adjustments: Goodwill and other intangible assets(1)
|
|
|
(15,666)
|
|
|
|
(15,784)
|
|
|
|
(15,760)
|
|
|
|
(15,872)
|
|
|
|
(15,992)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
$
|
274,834
|
|
|
$
|
281,149
|
|
|
$
|
274,106
|
|
|
$
|
280,652
|
|
|
$
|
284,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP TCE Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
|
|
$
|
26,282
|
|
|
$
|
24,995
|
|
|
$
|
25,032
|
|
|
$
|
24,222
|
|
|
$
|
24,366
|
|
|
Tangible assets
|
|
|
274,834
|
|
|
|
281,149
|
|
|
|
274,106
|
|
|
|
280,652
|
|
|
|
284,153
|
|
|
TCE ratio(3)
|
|
|
9.6
|
%
|
|
|
8.9
|
%
|
|
|
9.1
|
%
|
|
|
8.6
|
%
|
|
|
8.6
|
%
|
|
|
Beginning on January 1, 2014, we calculate our regulatory capital under Basel III Standardized Approach subject to transition provisions. Prior to January 1, 2014, we calculated regulatory capital under Basel I as shown in footnote 13.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions)(unaudited)
|
|
2014
Q1
|
|
|
2013
Q4
|
|
2013
Q3
|
|
2013
Q2
|
|
2013
Q1
|
|
Regulatory Capital Ratios(4)
|
|
|
|
|
|
Prior periods disclosed under Basel I. See footnote 13.
|
|
Common equity excluding AOCI
|
|
$
|
42,658
|
|
|
|
Adjustments: AOCI(5)(6)
|
|
|
(182)
|
|
|
|
Goodwill(1)
|
|
|
(13,811)
|
|
|
|
Intangible Assets(1)(6)
|
|
|
(314)
|
|
|
|
Other
|
|
|
83
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1 capital
|
|
|
28,434
|
|
|
|
Adjustments: Tier 1 capital instruments(2)
|
|
|
853
|
|
|
|
Additional Tier 1 capital adjustments
|
|
|
(30)
|
|
|
|
|
|
|
|
|
|
Tier 1 capital
|
|
|
29,257
|
|
|
|
|
|
|
|
|
|
Adjustments: Tier 2 capital instruments(2)
|
|
|
1,764
|
|
|
|
Qualifying allowance for loan and lease losses
|
|
|
2,751
|
|
|
|
Additional Tier 2 capital adjustments
|
|
|
6
|
|
|
|
|
|
|
|
|
|
Tier 2 capital
|
|
|
4,521
|
|
|
|
|
|
|
|
|
|
Total risk-based capital(7)
|
|
$
|
33,778
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets(8)
|
|
$
|
219,151
|
|
|
|
|
|
|
|
|
|
Average assets for the leverage ratio
|
|
$
|
280,907
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1 capital ratio(9)
|
|
|
13.0
|
%
|
|
|
Tier 1 risk-based capital ratio(10)
|
|
|
13.4
|
|
|
|
Total risk-based capital ratio(11)
|
|
|
15.4
|
|
|
|
Tier 1 leverage ratio(12)
|
|
|
10.4
|
|
|
|
(1)
|
Includes impact of related deferred taxes
|
|
(2)
|
Includes related surplus
|
|
(3)
|
TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets.
|
|
(4)
|
Regulatory capital ratios as of the end of Q1 2014 are preliminary and therefore subject to change.
|
|
(5)
|
Amounts presented are net of tax.
|
|
(6)
|
Amounts based on transition provisions for regulatory capital deductions and adjustments of 20% for 2014.
|
|
(7)
|
Total risk-based capital equals the sum of Tier 1 capital and Tier 2 capital.
|
|
(8)
|
Risk-weighted assets continue to be calculated based on Basel I in 2014 consistent with the transition provisions.
|
|
(9)
|
Common equity Tier 1 capital ratio is a regulatory measure calculated based on Common equity Tier 1 capital divided by risk-weighted assets.
|
|
(10)
|
Tier 1 risk-based capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets.
|
|
(11)
|
Total risk-based capital ratio is a regulatory capital measure calculated based on Total risk-based capital divided by risk-weighted assets.
|
|
(12)
|
Tier 1 leverage ratio is a regulatory capital measure calculated based on Tier 1 capital divided by average assets, after certain adjustments.
|
|
(13)
|
Table below shows prior period regulatory capital measures calculated under Basel I. We adopted ASU 2014-01 "Accounting for Investments in Qualified Affordable Housing Projects" as of January 1, 2014. Regulatory measures calculated under Basel I for prior quarters have been restated to conform to this presentation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions)(unaudited)
|
|
2013
Q4
|
|
|
2013
Q3
|
|
|
2013
Q2
|
|
|
2013
Q1
|
|
|
Total stockholders' equity
|
|
$
|
41,632
|
|
|
$
|
41,645
|
|
|
$
|
40,947
|
|
|
$
|
41,211
|
|
|
Adjustments: Net unrealized (gains) losses on AFS securities recorded in AOCI
|
|
|
791
|
|
|
|
736
|
|
|
|
503
|
|
|
|
(583)
|
|
|
Net (gains) losses on cash flow hedges recorded in AOCI
|
|
|
136
|
|
|
|
123
|
|
|
|
175
|
|
|
|
15
|
|
|
Disallowed goodwill and other intangible assets
|
|
|
(14,326)
|
|
|
|
(14,263)
|
|
|
|
(14,309)
|
|
|
|
(14,360)
|
|
|
Disallowed deferred tax assets
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Noncumulative perpetual preferred stock
|
|
|
(853)
|
|
|
|
(853)
|
|
|
|
(853)
|
|
|
|
(853)
|
|
|
Other
|
|
|
(5)
|
|
|
|
(5)
|
|
|
|
(5)
|
|
|
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 common capital
|
|
|
27,375
|
|
|
|
27,383
|
|
|
|
26,458
|
|
|
|
25,426
|
|
|
Adjustments: Noncumulative perpetual preferred stock
|
|
|
853
|
|
|
|
853
|
|
|
|
853
|
|
|
|
853
|
|
|
Tier 1 restricted core capital items
|
|
|
2
|
|
|
|
2
|
|
|
|
2
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 capital
|
|
|
28,230
|
|
|
|
28,238
|
|
|
|
27,313
|
|
|
|
26,280
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: Long-term debt qualifying as Tier 2 capital
|
|
|
1,914
|
|
|
|
1,909
|
|
|
|
2,104
|
|
|
|
2,121
|
|
|
Qualifying allowance for loan and lease losses
|
|
|
2,833
|
|
|
|
2,726
|
|
|
|
2,781
|
|
|
|
2,737
|
|
|
Other Tier 2 components
|
|
|
10
|
|
|
|
8
|
|
|
|
12
|
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 2 capital
|
|
|
4,757
|
|
|
|
4,643
|
|
|
|
4,897
|
|
|
|
4,869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total risk-based capital
|
|
$
|
32,987
|
|
|
$
|
32,881
|
|
|
$
|
32,210
|
|
|
$
|
31,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets
|
|
$
|
224,556
|
|
|
$
|
215,809
|
|
|
$
|
220,150
|
|
|
$
|
216,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets for the leverage ratio
|
|
$
|
280,574
|
|
|
$
|
281,978
|
|
|
$
|
282,962
|
|
|
$
|
288,210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 common ratio
|
|
|
12.2
|
%
|
|
|
12.7
|
%
|
|
|
12.0
|
%
|
|
|
11.7
|
%
|
|
Tier 1 risk-based capital ratio
|
|
|
12.6
|
|
|
|
13.1
|
|
|
|
12.4
|
|
|
|
12.1
|
|
|
Total risk-based capital ratio
|
|
|
14.7
|
|
|
|
15.2
|
|
|
|
14.6
|
|
|
|
14.4
|
|
|
Tier 1 leverage ratio
|
|
|
10.1
|
|
|
|
10.0
|
|
|
|
9.7
|
|
|
|
9.1
|
|
SOURCE Capital One Financial Corporation