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News   Press Releases

Capital One Reports Fourth Quarter 2024 Net Income of $1.1 Billion, or $2.67 Per Share

COF | January 21, 2025

Net of adjusting items, Fourth Quarter 2024 Net Income of $3.09 per share(1)

Capital One Financial Corporation (NYSE: COF) today announced net income for the fourth quarter of 2024 of $1.1 billion, or $2.67 per diluted common share, compared with net income of $1.8 billion, or $4.41 per diluted common share in the third quarter of 2024, and with net income of $706 million, or $1.67 per diluted common share in the fourth quarter of 2023. Adjusted net income(1) for the fourth quarter of 2024 was $3.09 per diluted common share.

“Our fourth quarter results included steady top-line growth in our domestic card business, strong originations and a return to loan growth in our auto business, and stable credit results across our businesses,” said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. “The shareholder votes on the Discover acquisition are scheduled for February 18th, and we continue to work closely with our regulators as our applications work their way through the regulatory approval process. We remain well positioned to complete the acquisition in early 2025, subject to regulatory and shareholder approvals.”

The quarter included the following adjusting items:

(Dollars in millions, except per share data)

Pre-Tax
Impact

After-Tax
Diluted EPS
Impact

Discover integration expenses

$

140

$

0.27

Legal reserve activity

$

75

$

0.15

The quarter included the following notable item:

(Dollars in millions, except per share data)

Pre-Tax
Impact

After-Tax
Diluted EPS
Impact
Accelerated philanthropy contributions

$

100

$

0.20

All comparisons below are for the fourth quarter of 2024 compared with the third quarter of 2024 unless otherwise noted.

Fourth Quarter 2024 Income Statement Summary:

  • Total net revenue increased 2 percent to $10.2 billion.
  • Total non-interest expense increased 15 percent to $6.1 billion:
    • 24 percent increase in marketing.
    • 12 percent increase in operating expenses.
  • Pre-provision earnings(2) decreased 13 percent to $4.1 billion.
  • Provision for credit losses increased $160 million to $2.6 billion:
    • Net charge-offs of $2.9 billion.
    • $245 million loan reserve release.
  • Net interest margin of 7.03 percent, a decrease of 8 basis points.
  • Efficiency ratio of 59.75 percent.
    • Adjusted efficiency ratio(1) of 57.64 percent.
  • Operating efficiency ratio of 46.26 percent.
    • Adjusted operating efficiency ratio(1) of 44.15 percent.

Fourth Quarter 2024 Balance Sheet Summary:

  • Common equity Tier 1 capital ratio(3) under Basel III Standardized Approach of 13.5 percent at December 31, 2024.
  • Period-end loans held for investment in the quarter increased $7.5 billion, or 2 percent, to $327.8 billion.
    • Credit Card period-end loans increased $5.9 billion, or 4 percent, to $162.5 billion.
      • Domestic Card period-end loans increased $6.2 billion, or 4 percent, to $155.6 billion.
    • Consumer Banking period-end loans increased $1.3 billion, or 2 percent, to $78.1 billion.
      • Auto period-end loans increased $1.3 billion, or 2 percent, to $76.8 billion.
    • Commercial Banking period-end loans increased $341 million, or less than 1 percent, to $87.2 billion.
  • Average loans held for investment in the quarter increased $3.6 billion, or 1 percent, to $321.9 billion.
    • Credit Card average loans increased $3.4 billion, or 2 percent, to $157.3 billion.
      • Domestic Card average loans increased $3.3 billion, or 2 percent, to $150.3 billion.
    • Consumer Banking average loans increased $1.0 billion, or 1 percent, to $77.2 billion.
      • Auto average loans increased $1.0 billion, or 1 percent, to $76.0 billion.
    • Commercial Banking average loans decreased $777 million, or 1 percent, to $87.3 billion.
  • Period-end total deposits increased $9.1 billion, or 3 percent, to $362.7 billion, while average deposits increased $7.2 billion, or 2 percent, to $358.3 billion.
  • Interest-bearing deposits rate paid decreased 18 basis points to 3.45 percent.

2024 Full Year Income Statement Summary:

  • Total net revenue increased 6 percent to $39.1 billion.
  • Total non-interest expense increased 6 percent to $21.5 billion:
    • 14 percent increase in Marketing expense.
    • 4 percent increase in operating expenses.
  • Pre-provision earnings(2) increased 7 percent to $17.6 billion.
  • Provision for credit losses increased $1.3 billion to $11.7 billion.
  • Net interest margin of 6.88 percent, an increase of 25 basis points.
  • Efficiency ratio of 54.93 percent.
    • Adjusted efficiency ratio(1) of 54.00 percent.
  • Operating efficiency ratio of 43.27 percent.
    • Adjusted operating efficiency ratio(1) of 42.35 percent.

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on January 21, 2025 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). Under “About,” 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 February 4, 2025 at 5:00 PM Eastern Time.

Forward-Looking Statements

Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Forward-looking statements often use words such as “will,” “anticipate,” “target,” “expect,” “think,” “estimate,” “intend,” “plan,” “goal,” “believe,” “forecast,” “outlook” or other words of similar meaning. Any forward-looking statements made by Capital One or on its behalf speak only as of the date they are made or as of the date indicated, and Capital One does not undertake any obligation to update forward-looking statements as a result of new information, future events or otherwise. 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. For additional information on factors that could materially influence forward-looking statements included in this earnings press release, see the risk factors set forth under “Part I—Item 1A. Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”).

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $362.7 billion in deposits and $490.1 billion in total assets as of December 31, 2024. 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 branches and Cafés located primarily in New York, Louisiana, Texas, 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.

(1) This is a non-GAAP measure. We believe non-GAAP measures help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on January 21, 2025 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures.

(2) Pre-provision earnings is a non-GAAP metric calculated based on total net revenue less non-interest expense for the period. Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on January 21, 2025 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures.

(3) Regulatory capital metrics as of December 31, 2024 are preliminary and therefore subject to change.

Capital One Financial Corporation

Financial Supplement(1)(2)

Fourth Quarter2024

Table of Contents

Capital One Financial Corporation Consolidated Results

Page

Table 1:

Financial Summary—Consolidated

1

Table 2:

Selected Metrics—Consolidated

3

Table 3:

Consolidated Statements of Income

4

Table 4:

Consolidated Balance Sheets

6

Table 5:

Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)

8

Table 6:

Average Balances, Net Interest Income and Net Interest Margin

9

Table 7:

Loan Information and Performance Statistics

10

Table 8:

Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity

12

Business Segment Results

Table 9:

Financial Summary—Business Segment Results

13

Table 10:

Financial & Statistical Summary—Credit Card Business

14

Table 11:

Financial & Statistical Summary—Consumer Banking Business

16

Table 12:

Financial & Statistical Summary—Commercial Banking Business

17

Table 13:

Financial & Statistical Summary—Other and Total

18

Other

Table 14:

Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)

19

Table 15:

Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures

20

__________

(1)

The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation. Investors should refer to our Annual Report on Form 10-K for the period ended December 31, 2024 once it is filed with the Securities and Exchange Commission.

(2)

This Financial Supplement includes non-GAAP measures. We believe these non-GAAP measures are useful to investors and users of our financial information as they provide an alternate measurement of our performance and assist in assessing our capital adequacy and the level of return generated. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with generally accepted accounting principles in the U.S. (“GAAP”), nor are they necessarily comparable to non-GAAP measures that may be presented by other companies. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation of any non-GAAP financial measures.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 1: Financial Summary—Consolidated

2024 Q4

Year Ended December 31,

(Dollars in millions, except per share data and as noted)

2024

2024

2024

2024

2023

2024

2023

2024 vs.

Q4

Q3

Q2

Q1

Q4

Q3

Q4

2024

2023

2023

Income Statement

Net interest income

$

8,098

$

8,076

$

7,546

$

7,488

$

7,519

—

8

%

$

31,208

$

29,241

7

%

Non-interest income

2,092

1,938

1,960

1,914

1,987

8

%

5

7,904

7,546

5

Total net revenue(1)

10,190

10,014

9,506

9,402

9,506

2

7

39,112

36,787

6

Provision for credit losses

2,642

2,482

3,909

2,683

2,857

6

(8

)

11,716

10,426

12

Non-interest expense:

Marketing

1,375

1,113

1,064

1,010

1,254

24

10

4,562

4,009

14

Operating expense

4,714

4,201

3,882

4,127

4,463

12

6

16,924

16,307

4

Total non-interest expense

6,089

5,314

4,946

5,137

5,717

15

7

21,486

20,316

6

Income from continuing operations before income taxes

1,459

2,218

651

1,582

932

(34

)

57

5,910

6,045

(2

)

Income tax provision

366

441

54

302

226

(17

)

62

1,163

1,158

—

Income from continuing operations, net of tax

1,093

1,777

597

1,280

706

(38

)

55

4,747

4,887

(3

)

Income from discontinued operations, net of tax

3

—

—

—

—

**

**

3

—

**

Net income

1,096

1,777

597

1,280

706

(38

)

55

4,750

4,887

(3

)

Dividends and undistributed earnings allocated to participating securities(2)

(17

)

(28

)

(9

)

(23

)

(10

)

(39

)

70

(77

)

(77

)

—

Preferred stock dividends

(57

)

(57

)

(57

)

(57

)

(57

)

—

—

(228

)

(228

)

—

Net income available to common stockholders

$

1,022

$

1,692

$

531

$

1,200

$

639

(40

)

60

$

4,445

$

4,582

(3

)

Common Share Statistics

Basic earnings per common share:(2)

Net income from continuing operations

$

2.66

$

4.42

$

1.39

$

3.14

$

1.67

(40

)%

59

%

$

11.60

$

11.98

(3

)%

Income from discontinued operations

0.01

—

—

—

—

**

**

0.01

—

**

Net income per basic common share

$

2.67

$

4.42

$

1.39

$

3.14

$

1.67

(40

)

60

$

11.61

$

11.98

(3

)

Diluted earnings per common share:(2)

Net income from continuing operations

$

2.66

$

4.41

$

1.38

$

3.13

$

1.67

(40

)%

59

%

$

11.58

$

11.95

(3

)%

Income from discontinued operations

0.01

—

—

—

—

**

**

0.01

—

**

Net income per diluted common share

$

2.67

$

4.41

$

1.38

$

3.13

$

1.67

(39

)

60

$

11.59

$

11.95

(3

)

Weighted-average common shares outstanding (in millions):

Basic

382.4

383.0

383.1

382.2

381.9

—

—

382.7

382.4

—

Diluted

383.4

383.7

383.9

383.4

382.8

—

—

383.6

383.4

—

Common shares outstanding (period-end, in millions)

381.2

381.5

381.9

382.1

380.4

—

—

381.2

380.4

—

Dividends declared and paid per common share

$

0.60

$

0.60

$

0.60

$

0.60

$

0.60

—

—

$

2.40

$

2.40

—

Tangible book value per common share (period-end)(3)

106.97

112.36

99.28

98.67

99.78

(5

)%

7

%

106.97

99.78

7

%

2024 Q4

Year Ended December 31,

(Dollars in millions)

2024

2024

2024

2024

2023

2024

2023

2024 vs.

Q4

Q3

Q2

Q1

Q4

Q3

Q4

2024

2023

2023

Balance Sheet (Period-End)

Loans held for investment

$

327,775

$

320,243

$

318,186

$

315,154

$

320,472

2

%

2

%

$

327,775

$

320,472

2

%

Interest-earning assets

463,058

458,189

452,547

453,557

449,701

1

3

463,058

449,701

3

Total assets

490,144

486,433

480,018

481,720

478,464

1

2

490,144

478,464

2

Interest-bearing deposits

336,585

327,253

324,437

323,352

320,389

3

5

336,585

320,389

5

Total deposits

362,707

353,631

351,442

350,969

348,413

3

4

362,707

348,413

4

Borrowings

45,551

49,336

47,956

50,361

49,856

(8

)

(9

)

45,551

49,856

(9

)

Common equity

55,938

58,080

53,135

52,955

53,244

(4

)

5

55,938

53,244

5

Total stockholders’ equity

60,784

62,925

57,981

57,801

58,089

(3

)

5

60,784

58,089

5

Balance Sheet (Average Balances)

Loans held for investment

$

321,871

$

318,255

$

314,888

$

314,614

$

315,890

1

%

2

%

$

317,421

$

311,541

2

%

Interest-earning assets

460,640

454,484

450,908

447,803

446,929

1

3

453,481

441,238

3

Total assets

488,300

481,219

477,285

474,995

472,594

1

3

480,451

467,807

3

Interest-bearing deposits

331,564

324,509

322,581

318,450

316,808

2

5

324,297

313,737

3

Total deposits

358,323

351,125

349,488

345,657

345,328

2

4

351,168

343,554

2

Borrowings

46,293

48,274

48,842

50,474

51,070

(4

)

(9

)

48,465

49,332

(2

)

Common equity

56,918

56,443

53,262

53,152

50,786

1

12

54,953

50,349

9

Total stockholders’ equity

61,764

61,289

58,107

57,998

55,632

1

11

59,799

55,195

8

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 2: Selected Metrics—Consolidated

2024 Q4

Year Ended December 31,

(Dollars in millions, except as noted)

2024

2024

2024

2024

2023

2024

2023

2024 vs.

Q4

Q3

Q2

Q1

Q4

Q3

Q4

2024

2023

2023

Performance Metrics

Net interest income growth (period over period)

—

7

%

1

%

—

1

%

**

**

7

%

8

%

**

Non-interest income growth (period over period)

8

%

(1

)

2

(4

)%

2

**

**

5

6

**

Total net revenue growth (period over period)

2

5

1

(1

)

1

**

**

6

7

**

Total net revenue margin(4)

8.85

8.81

8.43

8.40

8.51

4

bps

34

bps

8.62

8.34

28

bps

Net interest margin(5)

7.03

7.11

6.70

6.69

6.73

(8

)

30

6.88

6.63

25

Return on average assets

0.90

1.48

0.50

1.08

0.60

(58

)

30

0.99

1.04

(5

)

Return on average tangible assets(6)

0.92

1.53

0.52

1.11

0.62

(61

)

30

1.02

1.08

(6

)

Return on average common equity(7)

7.16

11.99

3.99

9.03

5.03

(483

)

213

8.08

9.10

(102

)

Return on average tangible common equity(8)

9.77

16.42

5.59

12.67

7.20

(665

)

257

11.18

13.04

(186

)

Efficiency ratio(9)

59.75

53.07

52.03

54.64

60.14

668

(39

)

54.93

55.23

(30

)

Operating efficiency ratio(10)

46.26

41.95

40.84

43.89

46.95

431

(69

)

43.27

44.33

(106

)

Effective income tax rate for continuing operations

25.1

19.9

8.3

19.1

24.2

520

90

19.7

19.2

50

Employees (period-end, in thousands)

52.6

52.5

52.1

51.3

52.0

—

1

%

52.6

52.0

1

%

Credit Quality Metrics

Allowance for credit losses

$

16,258

$

16,534

$

16,649

$

15,380

$

15,296

(2

)%

6

%

$

16,258

$

15,296

6

%

Allowance coverage ratio

4.96

%

5.16

%

5.23

%

4.88

%

4.77

%

(20

) bps

19

bps

4.96

%

4.77

%

19

bps

Net charge-offs

$

2,884

$

2,604

$

2,644

$

2,616

$

2,533

11

%

14

%

$

10,748

$

8,414

28

%

Net charge-off rate(11)

3.59

%

3.27

%

3.36

%

3.33

%

3.21

%

32

bps

38

bps

3.39

%

2.70

%

69

bps

30+ day performing delinquency rate

3.69

3.58

3.36

3.40

3.71

11

(2

)

3.69

3.71

(2

)

30+ day delinquency rate

3.98

3.89

3.63

3.67

3.99

9

(1

)

3.98

3.99

(1

)

Capital Ratios(12)

Common equity Tier 1 capital

13.5

%

13.6

%

13.2

%

13.1

%

12.9

%

(10

) bps

60

bps

13.5

%

12.9

%

60

bps

Tier 1 capital

14.8

14.9

14.5

14.4

14.2

(10

)

60

14.8

14.2

60

Total capital

16.4

16.6

16.3

16.2

16.0

(20

)

40

16.4

16.0

40

Tier 1 leverage

11.6

11.6

11.3

11.3

11.2

—

40

11.6

11.2

40

Tangible common equity (“TCE”)(13)

8.6

9.1

8.2

8.1

8.2

(51

)

39

8.6

8.2

39

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 3: Consolidated Statements of Income

2024 Q4

Year Ended December 31,

(Dollars in millions, except as noted)

2024

2024

2024

2024

2023

2024

2023

2024 vs.

Q4

Q3

Q2

Q1

Q4

Q3

Q4

2024

2023

2023

Interest income:

Loans, including loans held for sale

$

10,434

$

10,547

$

9,993

$

9,920

$

9,934

(1

)%

5

%

$

40,894

$

37,410

9

%

Investment securities

753

733

700

687

669

3

13

2,873

2,550

13

Other

530

580

587

570

542

(9

)

(2

)

2,267

1,978

15

Total interest income

11,717

11,860

11,280

11,177

11,145

(1

)

5

46,034

41,938

10

Interest expense:

Deposits

2,862

2,945

2,874

2,812

2,745

(3

)

4

11,493

9,489

21

Securitized debt obligations

205

234

258

261

263

(12

)

(22

)

958

959

—

Senior and subordinated notes

540

596

591

606

608

(9

)

(11

)

2,333

2,204

6

Other borrowings

12

9

11

10

10

33

20

42

45

(7

)

Total interest expense

3,619

3,784

3,734

3,689

3,626

(4

)

—

14,826

12,697

17

Net interest income

8,098

8,076

7,546

7,488

7,519

—

8

31,208

29,241

7

Provision for credit losses

2,642

2,482

3,909

2,683

2,857

6

(8

)

11,716

10,426

12

Net interest income after provision for credit losses

5,456

5,594

3,637

4,805

4,662

(2

)

17

19,492

18,815

4

Non-interest income:

Interchange fees, net

1,260

1,228

1,249

1,145

1,207

3

4

4,882

4,793

2

Service charges and other customer-related fees

554

501

459

462

424

11

31

1,976

1,667

19

Net securities gains (losses)

—

(35

)

—

—

(34

)

**

**

(35

)

(34

)

3

Other

278

244

252

307

390

14

(29

)

1,081

1,120

(3

)

Total non-interest income

2,092

1,938

1,960

1,914

1,987

8

5

7,904

7,546

5

Non-interest expense:

Salaries and associate benefits

2,329

2,391

2,200

2,478

2,284

(3

)

2

9,398

9,302

1

Occupancy and equipment

674

587

551

554

628

15

7

2,366

2,160

10

Marketing

1,375

1,113

1,064

1,010

1,254

24

10

4,562

4,009

14

Professional services

630

402

316

262

359

57

75

1,610

1,268

27

Communications and data processing

398

358

355

351

345

11

15

1,462

1,383

6

Amortization of intangibles

19

20

19

19

22

(5

)

(14

)

77

82

(6

)

Other

664

443

441

463

825

50

(20

)

2,011

2,112

(5

)

Total non-interest expense

6,089

5,314

4,946

5,137

5,717

15

7

21,486

20,316

6

Income from continuing operations before income taxes

1,459

2,218

651

1,582

932

(34

)

57

5,910

6,045

(2

)

Income tax provision

366

441

54

302

226

(17

)

62

1,163

1,158

—

Income from continuing operations, net of tax

1,093

1,777

597

1,280

706

(38

)

55

4,747

4,887

(3

)

Income from discontinued operations, net of tax

3

—

—

—

—

**

**

3

—

**

Net income

1,096

1,777

597

1,280

706

(38

)

55

4,750

4,887

(3

)

Dividends and undistributed earnings allocated to participating securities(2)

(17

)

(28

)

(9

)

(23

)

(10

)

(39

)

70

(77

)

(77

)

—

Preferred stock dividends

(57

)

(57

)

(57

)

(57

)

(57

)

—

—

(228

)

(228

)

—

Net income available to common stockholders

$

1,022

$

1,692

$

531

$

1,200

$

639

(40

)

60

$

4,445

$

4,582

(3

)

2024 Q4

Year Ended December 31,

2024

2024

2024

2024

2023

2024

2023

2024 vs.

Q4

Q3

Q2

Q1

Q4

Q3

Q4

2024

2023

2023

Basic earnings per common share:(2)

Net income from continuing operations

$

2.66

$

4.42

$

1.39

$

3.14

$

1.67

(40

)%

59

%

$

11.60

$

11.98

(3

)%

Income from discontinued operations

0.01

—

—

—

—

**

**

0.01

—

**

Net income per basic common share

$

2.67

$

4.42

$

1.39

$

3.14

$

1.67

(40

)

60

$

11.61

$

11.98

(3

)

Diluted earnings per common share:(2)

Net income from continuing operations

$

2.66

$

4.41

$

1.38

$

3.13

$

1.67

(40

)%

59

%

$

11.58

11.95

(3

)%

Income from discontinued operations

0.01

—

—

—

—

**

**

0.01

—

**

Net income per diluted common share

$

2.67

$

4.41

$

1.38

$

3.13

$

1.67

(39

)

60

$

11.59

$

11.95

(3

)

Weighted-average common shares outstanding (in millions):

Basic common shares

382.4

383.0

383.1

382.2

381.9

—

—

382.7

382.4

—

Diluted common shares

383.4

383.7

383.9

383.4

382.8

—

—

383.6

383.4

—

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 4: Consolidated Balance Sheets

2024 Q4

2024

2024

2024

2024

2023

2024

2023

(Dollars in millions)

Q4

Q3

Q2

Q1

Q4

Q3

Q4

Assets:

Cash and cash equivalents:

Cash and due from banks

$

3,028

$

3,976

$

5,298

$

4,671

$

4,903

(24

)%

(38

)%

Interest-bearing deposits and other short-term investments

40,202

45,322

40,116

46,357

38,394

(11

)

5

Total cash and cash equivalents

43,230

49,298

45,414

51,028

43,297

(12

)

—

Restricted cash for securitization investors

441

421

2,415

474

458

5

(4

)

Securities available for sale

83,013

83,500

79,250

78,398

79,117

(1

)

5

Loans held for investment:

Unsecuritized loans held for investment

298,241

292,061

289,124

285,577

289,229

2

3

Loans held in consolidated trusts

29,534

28,182

29,062

29,577

31,243

5

(5

)

Total loans held for investment

327,775

320,243

318,186

315,154

320,472

2

2

Allowance for credit losses

(16,258

)

(16,534

)

(16,649

)

(15,380

)

(15,296

)

(2

)

6

Net loans held for investment

311,517

303,709

301,537

299,774

305,176

3

2

Loans held for sale

202

96

808

1,631

854

110

(76

)

Premises and equipment, net

4,511

4,440

4,396

4,366

4,375

2

3

Interest receivable

2,532

2,577

2,494

2,514

2,478

(2

)

2

Goodwill

15,059

15,083

15,062

15,062

15,065

—

—

Other assets

29,639

27,309

28,642

28,473

27,644

9

7

Total assets

$

490,144

$

486,433

$

480,018

$

481,720

$

478,464

1

2

2024 Q4

2024

2024

2024

2024

2023

2024

2023

(Dollars in millions)

Q4

Q3

Q2

Q1

Q4

Q3

Q4

Liabilities:

Interest payable

$

666

$

705

$

668

$

762

$

649

(6

)%

3

%

Deposits:

Non-interest-bearing deposits

26,122

26,378

27,005

27,617

28,024

(1

)

(7

)

Interest-bearing deposits

336,585

327,253

324,437

323,352

320,389

3

5

Total deposits

362,707

353,631

351,442

350,969

348,413

3

4

Securitized debt obligations

14,264

15,881

17,291

17,661

18,043

(10

)

(21

)

Other debt:

Federal funds purchased and securities loaned or sold under agreements to repurchase

562

520

715

568

538

8

4

Senior and subordinated notes

30,696

32,911

29,925

32,108

31,248

(7

)

(2

)

Other borrowings

29

24

25

24

27

21

7

Total other debt

31,287

33,455

30,665

32,700

31,813

(6

)

(2

)

Other liabilities

20,436

19,836

21,971

21,827

21,457

3

(5

)

Total liabilities

429,360

423,508

422,037

423,919

420,375

1

2

Stockholders’ equity:

Preferred stock

0

0

0

0

0

—

—

Common stock

7

7

7

7

7

—

—

Additional paid-in capital, net

36,428

36,216

36,012

35,808

35,541

1

2

Retained earnings

64,505

63,698

62,211

61,905

60,945

1

6

Accumulated other comprehensive loss

(9,286

)

(6,287

)

(9,701

)

(9,534

)

(8,268

)

48

12

Treasury stock, at cost

(30,870

)

(30,709

)

(30,548

)

(30,385

)

(30,136

)

1

2

Total stockholders’ equity

60,784

62,925

57,981

57,801

58,089

(3

)

5

Total liabilities and stockholders’ equity

$

490,144

$

486,433

$

480,018

$

481,720

$

478,464

1

2

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 5: Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)

(1)

Total net revenue was reduced by $706 million in Q4 2024, $624 million in Q3 2024, $649 million in Q2 2024, $630 million in Q1 2024 and $566 million in Q4 2023 for credit card finance charges and fees charged-off as uncollectible.

(2)

Dividends and undistributed earnings allocated to participating securities and earnings per share are computed independently for each period. Accordingly, the sum of each quarterly amount may not agree to the year-to-date total. We also provide adjusted diluted earnings per share, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.

(3)

Tangible book value per common share is a non-GAAP measure calculated based on TCE divided by common shares outstanding. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.

(4)

Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.

(5)

Net interest margin is calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.

(6)

Return on average tangible assets is a non-GAAP measure calculated based on annualized income (loss) from continuing operations, net of tax, for the period divided by average tangible assets for the period. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.

(7)

Return on average common equity is calculated based on annualized net income (loss) available to common stockholders less income (loss) from discontinued operations, net of tax, for the period, divided by average common equity. Our calculation of return on average common equity may not be comparable to similarly-titled measures reported by other companies.

(8)

Return on average tangible common equity is a non-GAAP measure calculated based annualized on net income (loss) available to common stockholders less income (loss) from discontinued operations, net of tax, for the period, divided by average TCE. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.

(9)

Efficiency ratio is calculated based on total non-interest expense for the period divided by total net revenue for the period. We also provide an adjusted efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.

(10)

Operating efficiency ratio is calculated based on operating expense for the period divided by total net revenue for the period. We also provide an adjusted operating efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.

(11)

Net charge-off rate is calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period.

(12)

Capital ratios as of the end of Q4 2024 are preliminary and therefore subject to change. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for information on the calculation of each of these ratios.

(13)

TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.

**

Not meaningful.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 6: Average Balances, Net Interest Income and Net Interest Margin

2024 Q4

2024 Q3

2023 Q4

(Dollars in millions, except as noted)

Average
Balance

Interest
Income/
Expense

Yield/Rate(1)

Average
Balance

Interest
Income/
Expense

Yield/Rate(1)

Average
Balance

Interest
Income/
Expense

Yield/Rate(1)

Interest-earning assets:

Loans, including loans held for sale

$

322,231

$

10,434

12.95

%

$

318,715

$

10,547

13.24

%

$

316,670

$

9,934

12.55

%

Investment securities

92,248

753

3.26

90,644

733

3.24

88,650

669

3.02

Cash equivalents and other

46,161

530

4.59

45,125

580

5.14

41,609

542

5.21

Total interest-earning assets

$

460,640

$

11,717

10.17

$

454,484

$

11,860

10.44

$

446,929

$

11,145

9.97

Interest-bearing liabilities:

Interest-bearing deposits

$

331,564

$

2,862

3.45

$

324,509

$

2,945

3.63

$

316,808

$

2,745

3.47

Securitized debt obligations

14,931

205

5.47

15,833

234

5.93

18,022

263

5.84

Senior and subordinated notes

30,888

540

7.00

32,041

596

7.43

32,586

608

7.46

Other borrowings and liabilities(2)

2,434

12

1.85

2,389

9

1.50

2,349

10

1.74

Total interest-bearing liabilities

$

379,817

$

3,619

3.81

$

374,772

$

3,784

4.04

$

369,765

$

3,626

3.92

Net interest income/spread

$

8,098

6.36

$

8,076

6.40

$

7,519

6.05

Impact of non-interest-bearing funding

0.67

0.71

0.68

Net interest margin(3)

7.03

%

7.11

%

6.73

%

Year Ended December 31,

2024

2023

(Dollars in millions, except as noted)

Average
Balance

Interest
Income/
Expense

Yield/Rate(1)

Average
Balance

Interest
Income/
Expense

Yield/Rate(1)

Interest-earning assets:

Loans, including loans held for sale

$

318,096

$

40,894

12.86

%

$

312,173

$

37,410

11.98

%

Investment securities

90,250

2,873

3.18

89,105

2,550

2.86

Cash equivalents and other

45,135

2,267

5.02

39,960

1,978

4.95

Total interest-earning assets

$

453,481

$

46,034

10.15

$

441,238

$

41,938

9.50

Interest-bearing liabilities:

Interest-bearing deposits

$

324,297

$

11,493

3.54

$

313,737

$

9,489

3.02

Securitized debt obligations

16,507

958

5.80

17,675

959

5.42

Senior and subordinated notes

31,529

2,333

7.40

31,109

2,204

7.08

Other borrowings and liabilities(2)

2,424

42

1.71

2,394

45

1.89

Total interest-bearing liabilities

$

374,757

$

14,826

3.96

$

364,915

$

12,697

3.48

Net interest income/spread

$

31,208

6.20

$

29,241

6.03

Impact of non-interest-bearing funding

0.68

0.60

Net interest margin

6.88

%

6.63

%

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 7: Loan Information and Performance Statistics

2024 Q4

Year Ended December 31,

2024

2024

2024

2024

2023

2024

2023

2024

2023

2024 vs.
2023

(Dollars in millions, except as noted)

Q4

Q3

Q2

Q1

Q4

Q3

Q4

Loans Held for Investment (Period-End)

Credit card:

Domestic credit card

$

155,618

$

149,400

$

147,065

$

143,861

$

147,666

4

%

5

%

$

155,618

$

147,666

5

%

International card businesses

6,890

7,251

6,830

6,733

6,881

(5

)

—

6,890

6,881

—

Total credit card

162,508

156,651

153,895

150,594

154,547

4

5

162,508

154,547

5

Consumer banking:

Auto

76,829

75,505

74,385

73,801

74,075

2

4

76,829

74,075

4

Retail banking

1,263

1,253

1,278

1,298

1,362

1

(7

)

1,263

1,362

(7

)

Total consumer banking

78,092

76,758

75,663

75,099

75,437

2

4

78,092

75,437

4

Commercial banking:

Commercial and multifamily real estate

31,903

32,199

32,832

34,272

34,446

(1

)

(7

)

31,903

34,446

(7

)

Commercial and industrial

55,272

54,635

55,796

55,189

56,042

1

(1

)

55,272

56,042

(1

)

Total commercial banking

87,175

86,834

88,628

89,461

90,488

—

(4

)

87,175

90,488

(4

)

Total loans held for investment

$

327,775

$

320,243

$

318,186

$

315,154

$

320,472

2

2

$

327,775

$

320,472

2

Loans Held for Investment (Average)

Credit card:

Domestic credit card

$

150,290

$

147,021

$

143,744

$

142,887

$

142,112

2

%

6

%

$

146,000

$

135,213

8

%

International card businesses

7,036

6,951

6,723

6,758

6,515

1

8

6,868

6,359

8

Total credit card

157,326

153,972

150,467

149,645

148,627

2

6

152,868

141,572

8

Consumer banking:

Auto

75,968

74,920

74,098

73,768

74,861

1

1

74,692

76,067

(2

)

Retail banking

1,253

1,262

1,288

1,324

1,377

(1

)

(9

)

1,281

1,446

(11

)

Total consumer banking

77,221

76,182

75,386

75,092

76,238

1

1

75,973

77,513

(2

)

Commercial banking:

Commercial and multifamily real estate

32,058

32,416

33,801

34,310

35,414

(1

)

(9

)

33,141

36,448

(9

)

Commercial and industrial

55,266

55,685

55,234

55,567

55,611

(1

)

(1

)

55,439

56,008

(1

)

Total commercial banking

87,324

88,101

89,035

89,877

91,025

(1

)

(4

)

88,580

92,456

(4

)

Total average loans held for investment

$

321,871

$

318,255

$

314,888

$

314,614

$

315,890

1

2

$

317,421

$

311,541

2

2024 Q4

Year Ended December 31,

2024

2024

2024

2024

2023

2024

2023

2024

2023

2024 vs.
2023

Q4

Q3

Q2

Q1

Q4

Q3

Q4

Net Charge-Off (Recovery) Rates

Credit card:

Domestic credit card(4)(5)

6.06

%

5.61

%

6.05

%

5.94

%

5.35

%

45

bps

71

bps

5.91

%

4.56

%

135

bps

International card businesses

5.17

5.23

5.03

5.16

4.94

(6

)

23

5.15

4.84

31

Total credit card

6.02

5.60

6.00

5.90

5.33

42

69

5.88

4.57

131

Consumer banking:

Auto

2.32

2.05

1.81

1.99

2.19

27

13

2.05

1.72

33

Retail banking

5.63

5.43

5.38

4.04

5.68

20

(5

)

5.11

3.89

122

Total consumer banking

2.38

2.11

1.87

2.03

2.25

27

13

2.10

1.76

34

Commercial banking:

Commercial and multifamily real estate

0.50

0.26

0.11

0.20

0.96

24

(46

)

0.26

1.34

(108

)

Commercial and industrial

0.13

0.20

0.17

0.08

0.26

(7

)

(13

)

0.15

0.16

(1

)

Total commercial banking

0.26

0.22

0.15

0.13

0.53

4

(27

)

0.19

0.62

(43

)

Total net charge-offs

3.59

3.27

3.36

3.33

3.21

32

38

3.39

2.70

69

30+ Day Performing Delinquency Rates

Credit card:

Domestic credit card

4.53

%

4.53

%

4.14

%

4.48

%

4.61

%

—

(8

) bps

4.53

%

4.61

%

(8

) bps

International card businesses

4.52

4.53

4.63

4.83

4.67

(1

) bps

(15

)

4.52

4.67

(15

)

Total credit card

4.53

4.53

4.16

4.50

4.61

—

(8

)

4.53

4.61

(8

)

Consumer banking:

Auto

5.95

5.61

5.67

5.28

6.34

34

(39

)

5.95

6.34

(39

)

Retail banking

1.12

0.95

1.57

0.95

1.19

17

(7

)

1.12

1.19

(7

)

Total consumer banking

5.87

5.53

5.60

5.21

6.25

34

(38

)

5.87

6.25

(38

)

Nonperforming Loans and Nonperforming Assets Rates(6)(7)

Credit card:

International card businesses

0.15

%

0.15

%

0.15

%

0.13

%

0.13

%

—

2

bps

0.15

%

0.13

%

2

bps

Total credit card

0.01

0.01

0.01

0.01

0.01

—

—

0.01

0.01

—

Consumer banking:

Auto

0.98

0.91

0.88

0.79

0.96

7

bps

2

0.98

0.96

2

Retail banking

1.94

2.19

2.81

3.21

3.36

(25

)

(142

)

1.94

3.36

(142

)

Total consumer banking

0.99

0.93

0.92

0.83

1.00

6

(1

)

0.99

1.00

(1

)

Commercial banking:

Commercial and multifamily real estate

1.60

1.96

1.28

1.58

1.23

(36

)

37

1.60

1.23

37

Commercial and industrial

1.27

1.32

1.56

1.10

0.60

(5

)

67

1.27

0.60

67

Total commercial banking

1.39

1.55

1.46

1.28

0.84

(16

)

55

1.39

0.84

55

Total nonperforming loans

0.61

0.65

0.63

0.57

0.48

(4

)

13

0.61

0.48

13

Total nonperforming assets

0.63

0.67

0.64

0.58

0.50

(4

)

13

0.63

0.50

13

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity

Three Months Ended December 31, 2024

Credit Card

Consumer Banking

(Dollars in millions)

Domestic
Card

International
Card
Businesses

Total Credit
Card

Auto

Retail
Banking

Total
Consumer
Banking

Commercial
Banking

Total

Allowance for credit losses:

Balance as of September 30, 2024

$

12,494

$

495

$

12,989

$

1,988

$

27

$

2,015

$

1,530

$

16,534

Charge-offs

(2,737

)

(128

)

(2,865

)

(733

)

(22

)

(755

)

(68

)

(3,688

)

Recoveries

459

38

497

291

5

296

11

804

Net charge-offs

(2,278

)

(90

)

(2,368

)

(442

)

(17

)

(459

)

(57

)

(2,884

)

Provision (benefit) for credit losses

2,278

106

2,384

313

15

328

(73

)

2,639

Allowance build (release) for credit losses

—

16

16

(129

)

(2

)

(131

)

(130

)

(245

)

Other changes(8)

—

(31

)

(31

)

—

—

—

—

(31

)

Balance as of December 31, 2024

12,494

480

12,974

1,859

25

1,884

1,400

16,258

Reserve for unfunded lending commitments:

Balance as of September 30, 2024

—

—

—

—

—

—

142

142

Provision (benefit) for losses on unfunded lending commitments

—

—

—

—

—

—

1

1

Balance as of December 31, 2024

—

—

—

—

—

—

143

143

Combined allowance and reserve as of December 31, 2024

$

12,494

$

480

$

12,974

$

1,859

$

25

$

1,884

$

1,543

$

16,401

Year Ended December 31, 2024

Credit Card

Consumer Banking

(Dollars in millions)

Domestic
Card

International
Card
Businesses

Total
Credit
Card

Auto

Retail
Banking

Total
Consumer
Banking

Commercial
Banking

Total

Allowance for credit losses:

Balance as of December 31, 2023

$

11,261

$

448

$

11,709

$

2,002

$

40

$

2,042

$

1,545

$

15,296

Charge-offs

(10,246

)

(511

)

(10,757

)

(2,674

)

(84

)

(2,758

)

(234

)

(13,749

)

Recoveries

1,612

158

1,770

1,146

19

1,165

66

3,001

Net charge-offs

(8,634

)

(353

)

(8,987

)

(1,528

)

(65

)

(1,593

)

(168

)

(10,748

)

Provision for credit losses

9,867

405

10,272

1,385

50

1,435

23

11,730

Allowance build (release) for credit losses(9)

1,233

52

1,285

(143

)

(15

)

(158

)

(145

)

982

Other changes(8)

—

(20

)

(20

)

—

—

—

—

(20

)

Balance as of December 31, 2024

12,494

480

12,974

1,859

25

1,884

1,400

16,258

Reserve for unfunded lending commitments:

Balance as of December 31, 2023

—

—

—

—

—

—

158

158

Provision (benefit) for losses on unfunded lending commitments

—

—

—

—

—

—

(15

)

(15

)

Balance as of December 31, 2024

—

—

—

—

—

—

143

143

Combined allowance and reserve as of December 31, 2024

$

12,494

$

480

$

12,974

$

1,859

$

25

$

1,884

$

1,543

$

16,401

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 9: Financial Summary—Business Segment Results

Three Months Ended December 31, 2024

Year Ended December 31, 2024

(Dollars in millions)

Credit Card

Consumer
Banking

Commercial
Banking(10)

Other(10)

Total

Credit Card

Consumer
Banking

Commercial
Banking(10)

Other(10)

Total

Net interest income (loss)

$

5,779

$

1,959

$

587

$

(227

)

$

8,098

$

22,088

$

8,023

$

2,391

$

(1,294

)

$

31,208

Non-interest income (loss)

1,585

182

366

(41

)

2,092

6,076

695

1,210

(77

)

7,904

Total net revenue (loss)

7,364

2,141

953

(268

)

10,190

28,164

8,718

3,601

(1,371

)

39,112

Provision (benefit) for credit losses

2,384

328

(72

)

2

2,642

10,272

1,435

8

1

11,716

Non-interest expense

3,846

1,545

518

180

6,089

13,576

5,372

2,011

527

21,486

Income (loss) from continuing operations before income taxes

1,134

268

507

(450

)

1,459

4,316

1,911

1,582

(1,899

)

5,910

Income tax provision (benefit)

268

63

119

(84

)

366

1,024

451

373

(685

)

1,163

Income (loss) from continuing operations, net of tax

$

866

$

205

$

388

$

(366

)

$

1,093

$

3,292

$

1,460

$

1,209

$

(1,214

)

$

4,747

Three Months Ended September 30, 2024

(Dollars in millions)

Credit Card

Consumer
Banking

Commercial
Banking(10)

Other(10)

Total

Net interest income (loss)

$

5,743

$

2,028

$

596

$

(291

)

$

8,076

Non-interest income (loss)

1,509

182

292

(45

)

1,938

Total net revenue (loss)

7,252

2,210

888

(336

)

10,014

Provision (benefit) for credit losses

2,084

351

48

(1

)

2,482

Non-interest expense

3,367

1,331

495

121

5,314

Income (loss) from continuing operations before income taxes

1,801

528

345

(456

)

2,218

Income tax provision (benefit)

427

125

82

(193

)

441

Income (loss) from continuing operations, net of tax

$

1,374

$

403

$

263

$

(263

)

$

1,777

Three Months Ended December 31, 2023

Year Ended December 31, 2023

(Dollars in millions)

Credit Card

Consumer
Banking

Commercial
Banking(10)

Other(10)

Total

Credit Card

Consumer
Banking

Commercial
Banking(10)

Other(10)

Total

Net interest income (loss)

$

5,231

$

1,951

$

617

$

(280

)

$

7,519

$

19,729

$

8,713

$

2,518

$

(1,719

)

$

29,241

Non-interest income

1,565

163

245

14

1,987

5,940

589

1,002

15

7,546

Total net revenue (loss)

6,796

2,114

862

(266

)

9,506

25,669

9,302

3,520

(1,704

)

36,787

Provision (benefit) for credit losses

2,353

422

84

(2

)

2,857

8,651

1,169

605

1

10,426

Non-interest expense

3,417

1,402

487

411

5,717

12,490

5,178

2,011

637

20,316

Income (loss) from continuing operations before income taxes

1,026

290

291

(675

)

932

4,528

2,955

904

(2,342

)

6,045

Income tax provision (benefit)

241

68

68

(151

)

226

1,071

697

213

(823

)

1,158

Income (loss) from continuing operations, net of tax

$

785

$

222

$

223

$

(524

)

$

706

$

3,457

$

2,258

$

691

$

(1,519

)

$

4,887

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 10: Financial & Statistical Summary—Credit Card Business

2024 Q4 vs.

Year Ended December 31,

2024

2024

2024

2024

2023

2024

2023

2024 vs.

(Dollars in millions, except as noted)

Q4

Q3

Q2

Q1

Q4

Q3

Q4

2024

2023

2023

Credit Card

Earnings:

Net interest income

$

5,779

$

5,743

$

5,294

$

5,272

$

5,231

1

%

10

%

$

22,088

$

19,729

12

%

Non-interest income

1,585

1,509

1,506

1,476

1,565

5

1

6,076

5,940

2

Total net revenue

7,364

7,252

6,800

6,748

6,796

2

8

28,164

25,669

10

Provision for credit losses

2,384

2,084

3,545

2,259

2,353

14

1

10,272

8,651

19

Non-interest expense

3,846

3,367

3,134

3,229

3,417

14

13

13,576

12,490

9

Income from continuing operations before income taxes

1,134

1,801

121

1,260

1,026

(37

)

11

4,316

4,528

(5

)

Income tax provision

268

427

30

299

241

(37

)

11

1,024

1,071

(4

)

Income from continuing operations, net of tax

$

866

$

1,374

$

91

$

961

$

785

(37

)

10

$

3,292

$

3,457

(5

)

Selected performance metrics:

Period-end loans held for investment

$

162,508

$

156,651

$

153,895

$

150,594

$

154,547

4

5

$

162,508

$

154,547

5

Average loans held for investment

157,326

153,972

150,467

149,645

148,627

2

6

152,868

141,572

8

Average yield on loans outstanding(1)

19.05

%

19.66

%

18.79

%

18.84

%

18.96

%

(61

) bps

9

bps

19.09

%

18.54

%

55

bps

Total net revenue margin(11)

18.72

18.82

18.03

17.99

18.24

(10

)

48

18.39

18.12

27

Net charge-off rate

6.02

5.60

6.00

5.90

5.33

42

69

5.88

4.57

131

30+ day performing delinquency rate

4.53

4.53

4.16

4.50

4.61

—

(8

)

4.53

4.61

(8

)

30+ day delinquency rate

4.54

4.54

4.17

4.50

4.62

—

(8

)

4.54

4.62

(8

)

Nonperforming loan rate(6)

0.01

0.01

0.01

0.01

0.01

—

—

0.01

0.01

—

Purchase volume(12)

$

172,919

$

166,203

$

165,143

$

150,171

$

162,055

4

%

7

%

$

654,436

$

620,290

6

%

2024 Q4 vs.

Year Ended December 31,

2024

2024

2024

2024

2023

2024

2023

2024 vs.

(Dollars in millions, except as noted)

Q4

Q3

Q2

Q1

Q4

Q3

Q4

2024

2023

2023

Domestic Card

Earnings:

Net interest income

$

5,474

$

5,434

$

5,001

$

4,972

$

4,940

1

%

11

%

$

20,881

$

18,610

12

%

Non-interest income

1,522

1,438

1,440

1,411

1,498

6

2

5,811

5,672

2

Total net revenue(13)

6,996

6,872

6,441

6,383

6,438

2

9

26,692

24,282

10

Provision for credit losses

2,278

1,997

3,435

2,157

2,238

14

2

9,867

8,268

19

Non-interest expense

3,607

3,149

2,946

3,025

3,186

15

13

12,727

11,648

9

Income from continuing operations before income taxes

1,111

1,726

60

1,201

1,014

(36

)

10

4,098

4,366

(6

)

Income tax provision

262

407

15

283

239

(36

)

10

967

1,030

(6

)

Income from continuing operations, net of tax

$

849

$

1,319

$

45

$

918

$

775

(36

)

10

$

3,131

$

3,336

(6

)

Selected performance metrics:

Period-end loans held for investment

$

155,618

$

149,400

$

147,065

$

143,861

$

147,666

4

5

$

155,618

$

147,666

5

Average loans held for investment

150,290

147,021

143,744

142,887

142,112

2

6

146,000

135,213

8

Average yield on loans outstanding(1)

19.00

%

19.62

%

18.73

%

18.76

%

18.88

%

(62

) bps

12

bps

19.03

%

18.46

%

57

bps

Total net revenue margin(11)(13)

18.62

18.67

17.87

17.82

18.07

(5

)

55

18.25

17.94

31

Net charge-off rate(4)(5)

6.06

5.61

6.05

5.94

5.35

45

71

5.91

4.56

135

30+ day performing delinquency rate

4.53

4.53

4.14

4.48

4.61

—

(8

)

4.53

4.61

(8

)

Purchase volume(12)

$

168,994

$

162,281

$

161,370

$

146,696

$

158,290

4

%

7

%

$

639,341

$

605,664

6

%

Refreshed FICO scores:(14)

Greater than 660

69

%

69

%

69

%

68

%

68

%

—

1

69

%

68

%

1

660 or below

31

31

31

32

32

—

(1

)

31

32

(1

)

Total

100

%

100

%

100

%

100

%

100

%

100

%

100

%

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 11: Financial & Statistical Summary—Consumer Banking Business

2024 Q4 vs.

Year Ended December 31,

2024

2024

2024

2024

2023

2024

2023

2024 vs.

(Dollars in millions, except as noted)

Q4

Q3

Q2

Q1

Q4

Q3

Q4

2024

2023

2023

Consumer Banking

Earnings:

Net interest income

$

1,959

$

2,028

$

2,025

$

2,011

$

1,951

(3

)%

—

$

8,023

$

8,713

(8

)%

Non-interest income

182

182

172

159

163

—

12

%

695

589

18

Total net revenue

2,141

2,210

2,197

2,170

2,114

(3

)

1

8,718

9,302

(6

)

Provision for credit losses

328

351

330

426

422

(7

)

(22

)

1,435

1,169

23

Non-interest expense

1,545

1,331

1,250

1,246

1,402

16

10

5,372

5,178

4

Income from continuing operations before income taxes

268

528

617

498

290

(49

)

(8

)

1,911

2,955

(35

)

Income tax provision

63

125

146

117

68

(50

)

(7

)

451

697

(35

)

Income from continuing operations, net of tax

$

205

$

403

$

471

$

381

$

222

(49

)

(8

)

$

1,460

$

2,258

(35

)

Selected performance metrics:

Period-end loans held for investment

$

78,092

$

76,758

$

75,663

$

75,099

$

75,437

2

4

$

78,092

$

75,437

4

Average loans held for investment

77,221

76,182

75,386

75,092

76,238

1

1

75,973

77,513

(2

)

Average yield on loans held for investment(1)

9.04

%

8.88

%

8.54

%

8.33

%

8.17

%

16

bps

87

bps

8.70

%

7.79

%

91

bps

Auto loan originations

$

9,399

$

9,158

$

8,463

$

7,522

$

6,157

3

%

53

%

$

34,542

$

26,980

28

%

Period-end deposits

318,329

309,569

305,422

300,806

296,171

3

7

318,329

296,171

7

Average deposits

313,992

306,121

300,794

294,448

291,486

3

8

303,873

285,880

6

Average deposits interest rate

3.21

%

3.33

%

3.22

%

3.15

%

3.06

%

(12

) bps

15

bps

3.23

%

2.59

%

64

bps

Net charge-off rate

2.38

2.11

1.87

2.03

2.25

27

13

2.10

1.76

34

30+ day performing delinquency rate

5.87

5.53

5.60

5.21

6.25

34

(38

)

5.87

6.25

(38

)

30+ day delinquency rate

6.73

6.31

6.35

5.86

7.08

42

(35

)

6.73

7.08

(35

)

Nonperforming loan rate(6)

0.99

0.93

0.92

0.83

1.00

6

(1

)

0.99

1.00

(1

)

Nonperforming asset rate(7)

1.08

1.01

0.99

0.91

1.09

7

(1

)

1.08

1.09

(1

)

Auto—At origination FICO scores:(15)

Greater than 660

54

%

53

%

53

%

53

%

53

%

1

%

1

%

54

%

53

%

1

%

621 - 660

19

20

20

20

20

(1

)

(1

)

19

20

(1

)

620 or below

27

27

27

27

27

—

—

27

27

—

Total

100

%

100

%

100

%

100

%

100

%

100

%

100

%

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 12: Financial & Statistical Summary—Commercial Banking Business

2024 Q4 vs.

Year Ended December 31,

2024

2024

2024

2024

2023

2024

2023

2024 vs.

(Dollars in millions, except as noted)

Q4

Q3

Q2

Q1

Q4

Q3

Q4

2024

2023

2023

Commercial Banking

Earnings:

Net interest income

$

587

$

596

$

609

$

599

$

617

(2

)%

(5

)%

$

2,391

$

2,518

(5

)%

Non-interest income

366

292

271

281

245

25

49

1,210

1,002

21

Total net revenue(10)

953

888

880

880

862

7

11

3,601

3,520

2

Provision (benefit) for credit losses

(72

)

48

34

(2

)

84

**

**

8

605

(99

)

Non-interest expense

518

495

483

515

487

5

6

2,011

2,011

—

Income from continuing operations before income taxes

507

345

363

367

291

47

74

1,582

904

75

Income tax provision

119

82

85

87

68

45

75

373

213

75

Income from continuing operations, net of tax

$

388

$

263

$

278

$

280

$

223

48

74

$

1,209

$

691

75

Selected performance metrics:

Period-end loans held for investment

$

87,175

$

86,834

$

88,628

$

89,461

$

90,488

—

(4

)

$

87,175

$

90,488

(4

)

Average loans held for investment

87,324

88,101

89,035

89,877

91,025

(1

)

(4

)

88,580

92,456

(4

)

Average yield on loans held for investment(1)(10)

6.72

%

7.25

%

7.23

%

7.14

%

7.24

%

(53

) bps

(52

) bps

7.09

%

6.86

%

23

bps

Period-end deposits

$

31,691

$

30,598

$

29,210

$

31,082

$

32,712

4

%

(3

)%

$

31,691

$

32,712

(3

)%

Average deposits

31,545

30,365

30,810

31,844

34,525

4

(9

)

31,140

37,411

(17

)

Average deposits interest rate

2.28

%

2.55

%

2.55

%

2.65

%

2.79

%

(27

) bps

(51

) bps

2.51

%

2.68

%

(17

) bps

Net charge-off rate

0.26

0.22

0.15

0.13

0.53

4

(27

)

0.19

0.62

(43

)

Nonperforming loan rate(6)

1.39

1.55

1.46

1.28

0.84

(16

)

55

1.39

0.84

55

Nonperforming asset rate(7)

1.39

1.55

1.46

1.28

0.84

(16

)

55

1.39

0.84

55

Risk category:(16)

Noncriticized

$

80,431

$

78,835

$

79,695

$

80,804

$

81,758

2

%

(2

)%

$

80,431

$

81,758

(2

)%

Criticized performing

5,534

6,651

7,639

7,509

7,969

(17

)

(31

)

5,534

7,969

(31

)

Criticized nonperforming

1,210

1,348

1,294

1,148

761

(10

)

59

1,210

761

59

Total commercial banking loans held for investment

$

87,175

$

86,834

$

88,628

$

89,461

$

90,488

—

(4

)

$

87,175

$

90,488

(4

)

Risk category as a percentage of period-end loans held for investment:(16)

Noncriticized

92.26

%

90.79

%

89.92

%

90.33

%

90.35

%

147

bps

191

bps

92.26

%

90.35

%

191

bps

Criticized performing

6.35

7.66

8.62

8.39

8.81

(131

)

(246

)

6.35

8.81

(246

)

Criticized nonperforming

1.39

1.55

1.46

1.28

0.84

(16

)

55

1.39

0.84

55

Total commercial banking loans

100.00

%

100.00

%

100.00

%

100.00

%

100.00

%

100.00

%

100.00

%

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 13: Financial & Statistical Summary—Other and Total

2024 Q4 vs.

Year Ended December 31,

2024

2024

2024

2024

2023

2024

2023

2024 vs.

(Dollars in millions)

Q4

Q3

Q2

Q1

Q4

Q3

Q4

2024

2023

2023

Other

Earnings:

Net interest loss

$

(227

)

$

(291

)

$

(382

)

$

(394

)

$

(280

)

(22

)%

(19

)%

$

(1,294

)

$

(1,719

)

(25

)%

Non-interest income (loss)

(41

)

(45

)

11

(2

)

14

(9

)

**

(77

)

15

**

Total net loss(10)

(268

)

(336

)

(371

)

(396

)

(266

)

(20

)

1

(1,371

)

(1,704

)

(20

)

Provision (benefit) for credit losses

2

(1

)

—

—

(2

)

**

**

1

1

—

Non-interest expense(17)(18)

180

121

79

147

411

49

(56

)

527

637

(17

)

Loss from continuing operations before income taxes

(450

)

(456

)

(450

)

(543

)

(675

)

(1

)

(33

)

(1,899

)

(2,342

)

(19

)

Income tax benefit

(84

)

(193

)

(207

)

(201

)

(151

)

(56

)

(44

)

(685

)

(823

)

(17

)

Loss from continuing operations, net of tax

$

(366

)

$

(263

)

$

(243

)

$

(342

)

$

(524

)

39

(30

)

$

(1,214

)

$

(1,519

)

(20

)

Selected performance metrics:

Period-end deposits

$

12,687

$

13,464

$

16,810

$

19,081

$

19,530

(6

)

(35

)

$

12,687

$

19,530

(35

)

Average deposits

12,786

14,639

17,884

19,365

19,317

(13

)

(34

)

16,155

20,263

(20

)

Total

Earnings:

Net interest income

$

8,098

$

8,076

$

7,546

$

7,488

$

7,519

—

8

%

$

31,208

$

29,241

7

%

Non-interest income

2,092

1,938

1,960

1,914

1,987

8

%

5

7,904

7,546

5

Total net revenue

10,190

10,014

9,506

9,402

9,506

2

7

39,112

36,787

6

Provision for credit losses

2,642

2,482

3,909

2,683

2,857

6

(8

)

11,716

10,426

12

Non-interest expense

6,089

5,314

4,946

5,137

5,717

15

7

21,486

20,316

6

Income from continuing operations before income taxes

1,459

2,218

651

1,582

932

(34

)

57

5,910

6,045

(2

)

Income tax provision

366

441

54

302

226

(17

)

62

1,163

1,158

—

Income from continuing operations, net of tax

$

1,093

$

1,777

$

597

$

1,280

$

706

(38

)

55

$

4,747

$

4,887

(3

)

Selected performance metrics:

Period-end loans held for investment

$

327,775

$

320,243

$

318,186

$

315,154

$

320,472

2

2

$

327,775

$

320,472

2

Average loans held for investment

321,871

318,255

314,888

314,614

315,890

1

2

317,421

311,541

2

Period-end deposits

362,707

353,631

351,442

350,969

348,413

3

4

362,707

348,413

4

Average deposits

358,323

351,125

349,488

345,657

345,328

2

4

351,168

343,554

2

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 14: Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)

(1)

Average yield is calculated based on annualized interest income for the period divided by average loans during the period. Annualized interest income does not include any allocations, such as funds transfer pricing. Average yield is calculated using whole dollar values for average balances and interest income/expense. Accordingly, total interest earning assets less total interest bearing liabilities may not total net interest income/spread.

(2)

Includes amounts related to entities that provide capital to low-income and rural communities of $2.0 billion in Q4 2024, $2.0 billion in Q3 2024 and $1.9 billion in Q4 2023 and $2.0 billion and $1.8 billion in the twelve months ended 2024 and 2023, respectively. Related interest expense was $8 million in Q4 2024, $7 million in Q3 2024 and $7 million in Q4 2023, respectively, and $31 million and $32 million for the twelve months ended 2024 and 2023, respectively.

(3)

The termination of our Walmart program agreement, effective May 21, 2024 (“Walmart Program Termination”) increased net interest margin by 21 basis points in Q4 2024 and 22 basis points in Q3 2024, respectively. Excluding this impact, the net interest margin would have been 6.82% in Q4 2024 and 6.89% in Q3 2024.

(4)

The Walmart Program Termination increased the Domestic Card net charge-off rate by 40 basis points, 38 basis points and 19 basis points for Q4 2024, Q3 2024 and Q2 2024, respectively. Excluding this impact, the Domestic Card net charge-off rate would have been 5.66%, 5.23% and 5.86% for Q4 2024, Q3 2024 and Q2 2024, respectively.

(5)

In December 2023, we recognized $18 million of incremental net charge-offs on certain loans in hardship programs from the one-time impact of operational delays, which increased the Q4 2023 net charge-off rate by approximately 5 basis points. Excluding this impact, the Q4 2023 net charge-off rate would have been 5.30%.

(6)

Nonperforming loan rates are calculated based on nonperforming loans for each category divided by period-end total loans held for investment for each respective category. For Commercial Banking, loans categorized as nonperforming are considered criticized nonperforming.

(7)

Nonperforming assets consist of nonperforming loans, repossessed assets and other foreclosed assets. The total nonperforming asset rate is calculated based on total nonperforming assets divided by the combined period-end total loans held for investment, repossessed assets and other foreclosed assets.

(8)

Primarily represents foreign currency translation adjustments.

(9)

The Walmart Program Termination resulted in an allowance for credit losses build in Domestic Card of $826 million in Q2 2024.

(10)

Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category.

(11)

Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.

(12)

Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.

(13)

The Walmart Program Termination increased Domestic Card net revenue margin by 55 basis points in Q4 2024, 51 basis points in Q3 2024 and 10 basis points in Q2 2024. Excluding this impact, the Domestic Card net revenue margin would have been 18.07% in Q4 2024, 18.16% in Q3 2024 and 17.77% in Q2 2024.

(14)

Percentages represent period-end loans held for investment in each credit score category. Domestic Card credit scores generally represent FICO scores. These scores are obtained from one of the major credit bureaus at origination and are refreshed monthly thereafter. We approximate non-FICO credit scores to comparable FICO scores for consistency purposes. Balances for which no credit score is available or the credit score is invalid are included in the 660 or below category.

(15)

Percentages represent period-end loans held for investment in each credit score category. Auto credit scores generally represent average FICO scores obtained from three credit bureaus at the time of application and are not refreshed thereafter. Balances for which no credit score is available or the credit score is invalid are included in the 620 or below category.

(16)

Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.

(17)

Includes the impact of ($9 million), $8 million, $42 million and $289 million FDIC special assessment in Q3 2024, Q2 2024, Q1 2024 and Q4 2023, respectively.

(18)

Includes the impact of $140 million, $63 million and $31 million in Discover integration expenses in Q4 2024, Q3 2024 and Q2 2024, respectively, as well as any charges incurred as a result of restructuring activities for the periods presented.

**

Not meaningful.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures(1)

Basel III Standardized Approach

(Dollars in millions, except as noted)

December 31,
2024

September 30,
2024

June 30,
2024

March 31,
2024

December 31,
2023

Regulatory Capital Metrics

Common equity excluding AOCI

$

65,823

$

64,966

$

63,435

$

63,088

$

62,710

Adjustments:

AOCI, net of tax(2)

1

58

13

14

27

Goodwill, net of related deferred tax liabilities

(14,786

)

(14,816

)

(14,800

)

(14,804

)

(14,811

)

Other Intangible and deferred tax assets, net of deferred tax liabilities

(231

)

(252

)

(271

)

(291

)

(311

)

Common equity Tier 1 capital

$

50,807

$

49,956

$

48,377

$

48,007

$

47,615

Tier 1 capital

$

55,652

$

54,801

$

53,222

$

52,852

$

52,460

Total capital(3)

61,805

61,151

59,875

59,484

59,124

Risk-weighted assets

377,147

368,199

366,959

366,161

369,206

Adjusted average assets(4)

480,794

473,146

470,915

468,030

467,553

Capital Ratios

Common equity Tier 1 capital(5)

13.5

%

13.6

%

13.2

%

13.1

%

12.9

%

Tier 1 capital(6)

14.8

14.9

14.5

14.4

14.2

Total capital(7)

16.4

16.6

16.3

16.2

16.0

Tier 1 leverage(4)

11.6

11.6

11.3

11.3

11.2

TCE(8)

8.6

9.1

8.2

8.1

8.2

Reconciliation of Non-GAAP Measures

The following non-GAAP measures consist of our adjusted results that we believe help investors and users of our financial information understand the effect of adjusting items on our selected reported results, however, they may not be comparable to similarly-titled measures reported by other companies. These adjusted results provide alternate measurements of our operating performance, both for the current period and trends across multiple periods. The following tables present reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.

2024

2024

2024

2024

2023

Year Ended December 31,

(Dollars in millions, except per share data and as noted)

Q4

Q3

Q2

Q1

Q4

2024

2023

Adjusted diluted earnings per share (“EPS”):

Net income available to common stockholders (GAAP)

$

1,022

$

1,692

$

531

$

1,200

$

639

$

4,445

$

4,582

Allowance build for Walmart program agreement loss sharing termination

—

—

826

—

—

826

—

Walmart program agreement termination contra revenue impact

—

—

27

—

—

27

—

Discover integration expenses

140

63

31

—

—

234

—

Legal reserve activity

75

—

—

—

—

75

—

FDIC special assessment

—

(9

)

8

42

289

41

289

Adjusted net income available to common stockholders before income tax impacts (non-GAAP)

1,237

1,746

1,423

1,242

928

5,648

4,871

Income tax impacts

(52

)

(13

)

(218

)

(10

)

(70

)

(293

)

(70

)

Adjusted net income available to common stockholders (non-GAAP)

$

1,185

$

1,733

$

1,205

$

1,232

$

858

$

5,355

$

4,801

Diluted weighted-average common shares outstanding (in millions) (GAAP)

383.4

383.7

383.9

383.4

382.8

383.6

383.4

Diluted EPS (GAAP)

$

2.67

$

4.41

$

1.38

$

3.13

$

1.67

$

11.59

$

11.95

Impact of adjustments noted above

0.42

0.10

1.76

0.08

0.57

2.37

0.57

Adjusted diluted EPS (non-GAAP)

$

3.09

$

4.51

$

3.14

$

3.21

$

2.24

$

13.96

$

12.52

Adjusted efficiency ratio:

Non-interest expense (GAAP)

$

6,089

$

5,314

$

4,946

$

5,137

$

5,717

$

21,486

$

20,316

Discover integration expenses

(140

)

(63

)

(31

)

—

—

(234

)

—

Legal reserve activity

(75

)

—

—

—

—

(75

)

—

FDIC special assessment

—

9

(8

)

(42

)

(289

)

(41

)

(289

)

Adjusted non-interest expense (non-GAAP)

$

5,874

$

5,260

$

4,907

$

5,095

$

5,428

$

21,136

$

20,027

Total net revenue (GAAP)

$

10,190

$

10,014

$

9,506

$

9,402

$

9,506

$

39,112

$

36,787

Walmart program agreement termination contra revenue impact

—

—

27

—

—

27

—

Adjusted net revenue (non-GAAP)

$

10,190

$

10,014

$

9,533

$

9,402

$

9,506

$

39,139

$

36,787

Efficiency ratio (GAAP)

59.75

%

53.07

%

52.03

%

54.64

%

60.14

%

54.93

%

55.23

%

Impact of adjustments noted above

(211) bps

(54) bps

(56) bps

(45) bps

(304) bps

(93) bps

(79) bps

Adjusted efficiency ratio (non-GAAP)

57.64

%

52.53

%

51.47

%

54.19

%

57.10

%

54.00

%

54.44

%

Adjusted operating efficiency ratio:

Operating expense (GAAP)

$

4,714

$

4,201

$

3,882

$

4,127

$

4,463

$

16,924

$

16,307

Discover integration expenses

(140

)

(63

)

(31

)

—

—

(234

)

—

Legal reserve activity

(75

)

—

—

—

—

(75

)

—

FDIC special assessment

—

9

(8

)

(42

)

(289

)

(41

)

(289

)

Adjusted operating expense (non-GAAP)

$

4,499

$

4,147

$

3,843

$

4,085

$

4,174

$

16,574

$

16,018

Total net revenue (GAAP)

$

10,190

$

10,014

$

9,506

$

9,402

$

9,506

$

39,112

$

36,787

Walmart program agreement termination contra revenue impact

—

—

27

—

—

27

—

Adjusted net revenue (non-GAAP)

$

10,190

$

10,014

$

9,533

$

9,402

$

9,506

$

39,139

$

36,787

Operating efficiency ratio (GAAP)

46.26

%

41.95

%

40.84

%

43.89

%

46.95

%

43.27

%

44.33

%

Impact of adjustments noted above

(211) bps

(54) bps

(53) bps

(44) bps

(304) bps

(92) bps

(79) bps

Adjusted operating efficiency ratio (non-GAAP)

44.15

%

41.41

%

40.31

%

43.45

%

43.91

%

42.35

%

43.54

%

Reconciliation of Non-GAAP Measures

The following summarizes our non-GAAP measures. While these non-GAAP measures are widely used by investors, analysts and bank regulatory agencies to assess the operating performance and capital position of financial services companies, they may not be comparable to similarly-titled measures reported by other companies. The following table presents reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.

2024

2024

2024

2024

2023

(Dollars in millions)

Q4

Q3

Q2

Q1

Q4

Pre- Provision Earnings

Total net revenue

$

10,190

$

10,014

$

9,506

$

9,402

$

9,506

Non-interest expense

(6,089

)

(5,314

)

(4,946

)

(5,137

)

(5,717

)

Pre-provision earnings(9)

$

4,101

$

4,700

$

4,560

$

4,265

$

3,789

Tangible Common Equity (Period-End)

Stockholders’ equity

$

60,784

$

62,925

$

57,981

$

57,801

$

58,089

Goodwill and other intangible assets(10)

(15,157

)

(15,214

)

(15,226

)

(15,257

)

(15,289

)

Noncumulative perpetual preferred stock

(4,845

)

(4,845

)

(4,845

)

(4,845

)

(4,845

)

Tangible common equity(11)

$

40,782

$

42,866

$

37,910

$

37,699

$

37,955

Tangible Common Equity (Average)

Stockholders’ equity

$

61,764

$

61,289

$

58,107

$

57,998

$

55,632

Goodwill and other intangible assets(10)

(15,195

)

(15,225

)

(15,249

)

(15,280

)

(15,304

)

Noncumulative perpetual preferred stock

(4,845

)

(4,845

)

(4,845

)

(4,845

)

(4,845

)

Tangible common equity(11)

$

41,724

$

41,219

$

38,013

$

37,873

$

35,483

Return on Tangible Common Equity (Average)

Net income available to common stockholders

$

1,022

$

1,692

$

531

$

1,200

$

639

Tangible common equity (Average)

41,724

41,219

38,013

37,873

35,483

Return on tangible common equity(11)(12)

9.77

%

16.42

%

5.59

%

12.67

%

7.20

%

Tangible Assets (Period-End)

Total assets

$

490,144

$

486,433

$

480,018

$

481,720

$

478,464

Goodwill and other intangible assets(10)

(15,157

)

(15,214

)

(15,226

)

(15,257

)

(15,289

)

Tangible assets(11)

$

474,987

$

471,219

$

464,792

$

466,463

$

463,175

2024

2024

2024

2024

2023

(Dollars in millions)

Q4

Q3

Q2

Q1

Q4

Tangible Assets (Average)

Total assets

$

488,300

$

481,219

$

477,285

$

474,995

$

472,594

Goodwill and other intangible assets(10)

(15,195

)

(15,225

)

(15,249

)

(15,280

)

(15,304

)

Tangible assets(11)

$

473,105

$

465,994

$

462,036

$

459,715

$

457,290

Return on Tangible Assets (Average)

Net income

$

1,096

$

1,777

$

597

$

1,280

$

706

Tangible Assets (Average)

473,105

465,994

462,036

459,715

457,290

Return on tangible assets(11)(13)

0.92

%

1.53

%

0.52

%

1.11

%

0.62

%

TCE Ratio

Tangible common equity (Period-end)

$

40,782

$

42,866

$

37,910

$

37,699

$

37,955

Tangible Assets (Period-end)

474,987

471,219

464,792

466,463

463,175

TCE Ratio(11)

8.6

%

9.1

%

8.2

%

8.1

%

8.2

%

Tangible Book Value per Common Share

Tangible common equity (Period-end)

$

40,782

$

42,866

$

37,910

$

37,699

$

37,955

Outstanding Common Shares

381.2

381.5

381.9

382.1

380.4

Tangible book value per common share(11)

$

106.97

$

112.36

$

99.28

$

98.67

$

99.78

__________

(1)

Regulatory capital metrics and capital ratios as of December 31, 2024 are preliminary and therefore subject to change.

(2)

Excludes certain components of AOCI in accordance with rules applicable to Category III institutions.

(3)

Total capital equals the sum of Tier 1 capital and Tier 2 capital.

(4)

Adjusted average assets for the purpose of calculating our Tier 1 leverage ratio represents total average assets adjusted for amounts that are deducted from Tier 1 capital, predominately goodwill and intangible assets. Tier 1 leverage ratio is a regulatory capital measure calculated based on Tier 1 capital divided by adjusted average assets.

(5)

Common equity Tier 1 capital ratio is a regulatory capital measure calculated based on common equity Tier 1 capital divided by risk-weighted assets.

(6)

Tier 1 capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets.

(7)

Total capital ratio is a regulatory capital measure calculated based on total capital divided by risk-weighted assets.

(8)

TCE ratio is a Non-GAAP measure calculated based on TCE divided by tangible assets.

(9)

Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.

(10)

Includes impact of related deferred taxes.

(11)

Management believes that this financial metric is useful in assessing capital adequacy and the level of returns generated.

(12)

Return on average tangible common equity is a non-GAAP measure calculated based annualized on net income (loss) available to common stockholders less income (loss) from discontinued operations, net of tax, for the period, divided by average TCE.

(13)

Return on average tangible assets is a non-GAAP measure calculated based on annualized income (loss) from continuing operations, net of tax, for the period divided by average tangible assets for the period.

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