MCLEAN, Va., April 23, 2015 /PRNewswire/ -- Capital One
Financial Corporation (NYSE: COF) today announced net income for
the first quarter of 2015 of $1.2
billion, or $2.00 per diluted
common share, compared to the fourth quarter of 2014 with net
income of $999 million, or
$1.73 per diluted common share, and
the first quarter of 2014 with net income of $1.2 billion, or $1.96 per diluted common share.
"In the first quarter, we continued to post strong results
across our businesses," said Richard D.
Fairbank, Chair and Chief Executive Officer. "As always,
we're focused on sustaining strong performance and shareholder
value. We are pursuing growth and resilience, managing costs
tightly while we invest to grow, and actively working to return
capital to shareholders."
All comparisons below are for the first quarter of 2015 compared
with the fourth quarter of 2014 unless otherwise noted.
First Quarter 2015 Income Summary:
- Total net revenue decreased 3 percent to $5.6 billion.
- Total non-interest expense decreased 7 percent to $3.0 billion:
- 26 percent decrease in marketing.
- 3 percent decrease in operating expense.
- Pre-provision earnings increased 3 percent to $2.6 billion.
- Provision for credit losses decreased 16 percent to
$935 million.
- Mortgage representation & warranty benefit of $19 million ($12
million net of tax) in discontinued operations.
First Quarter 2015 Balance Sheet Summary:
- Common equity Tier 1 capital ratio under Basel III Standardized
Approach of 12.5 percent at March 31, 2015.
- Net interest margin of 6.57 percent, down 24 basis points.
- Period-end loans held for investment in the quarter decreased
$4.3 billion, or 2 percent, to
$204.0 billion.
- Domestic Card period-end loans decreased $3.6 billion, or 5 percent, to $74.1 billion.
- Consumer Banking period-end loans decreased $60 million, or less than 1 percent, to
$71.4 billion:
- Auto period-end loans increased $1.1
billion, or 3 percent, to $38.9
billion.
- Home loans period-end loans decreased $1.1 billion, or 4 percent, to $28.9 billion, driven by run-off of acquired
portfolios.
- Commercial Banking period-end loans decreased $149 million, or less than 1 percent, to
$50.7 billion.
- Average loans held for investment in the quarter increased
$1.8 billion, or less than 1 percent,
to $205.2 billion.
- Domestic Card average loans increased $744 million, or 1 percent, to $74.8 billion.
- Consumer Banking average loans increased $187 million, or less than 1 percent, to
$71.4 billion:
- Auto average loans increased $1.3
billion, or 4 percent, to $38.4
billion.
- Home loans average loans decreased by $1.1 billion, or 4 percent, to $29.5 billion, driven by run-off of acquired
portfolios.
- Commercial Banking average loans increased $731 million, or 1 percent, to $51.1 billion.
- Period-end total deposits increased $4.9
billion, or 2 percent, to $210.4 billion, while average deposits increased
$2.5 billion to $207.9 billion.
- Interest-bearing deposit rate remained relatively flat at 0.59
percent.
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on
April 23, 2015 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 5, 2015 at 5:00 PM Eastern
Time.
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, 2014.
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 $210.4
billion in deposits and $306.2
billion in total assets as of March 31, 2015.
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
located 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.
Exhibit
99.2
|
|
Capital One
Financial Corporation
|
Financial
Supplement
|
First Quarter
2015(1)
|
Table of
Contents
|
|
|
|
|
|
Capital One
Financial Corporation Consolidated Results
|
Page
|
|
Table
1:
|
Financial
Summary—Consolidated
|
1
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Table
2:
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Selected
Metrics—Consolidated
|
3
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|
Table
3:
|
Consolidated
Statements of Income
|
4
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Table
4:
|
Consolidated
Balance Sheets
|
6
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|
Table
5:
|
Notes to Financial
& Selected Metrics and Consolidated Financial Statements
(Tables 1—4)
|
8
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Table
6:
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Average Balances,
Net Interest Income and Net Interest Margin
|
9
|
|
Table
7:
|
Loan Information
and Performance Statistics
|
10
|
Business Segments
Detail
|
|
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Table
8:
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Financial
Summary—Business Segments
|
12
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Table
9:
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Financial &
Statistical Summary—Credit Card Business
|
13
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Table
10:
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Financial &
Statistical Summary—Consumer Banking Business
|
15
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|
Table
11:
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Financial &
Statistical Summary—Commercial Banking Business
|
16
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Table
12:
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Financial &
Statistical Summary—Other and Total
|
17
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|
Table
13:
|
Notes to Loan and
Business Segments Disclosures (Tables 7—12)
|
18
|
Other
|
|
|
Table
14:
|
Reconciliation of
Non-GAAP Measures and Calculation of Regulatory Capital
Measures
|
19
|
__________
|
(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 Quarterly Report on Form 10-Q for the period
ended March 31, 2015 once it is filed with the Securities and
Exchange Commission.
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 1: Financial
Summary—Consolidated(1)
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q1
vs.
|
(Dollars in
millions, except per share data and as noted)
(unaudited)
|
|
2015
Q1
|
|
2014
Q4
|
|
2014
Q3
|
|
2014
Q2
|
|
2014
Q1
|
|
2014
Q4
|
|
2014
Q1
|
|
|
|
|
|
|
|
Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
4,576
|
|
|
$
|
4,656
|
|
|
$
|
4,497
|
|
|
$
|
4,315
|
|
|
$
|
4,350
|
|
|
(2)%
|
|
|
5%
|
|
Non-interest
income(2)
|
|
1,071
|
|
|
1,157
|
|
|
1,142
|
|
|
1,153
|
|
|
1,020
|
|
|
(7)
|
|
|
5
|
|
Total net
revenue(3)
|
|
$
|
5,647
|
|
|
$
|
5,813
|
|
|
$
|
5,639
|
|
|
$
|
5,468
|
|
|
$
|
5,370
|
|
|
(3)
|
|
|
5
|
|
Provision for credit
losses
|
|
935
|
|
|
1,109
|
|
|
993
|
|
|
704
|
|
|
735
|
|
|
(16)
|
|
|
27
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing
|
|
375
|
|
|
509
|
|
|
392
|
|
|
335
|
|
|
325
|
|
|
(26)
|
|
|
15
|
|
Amortization of
intangibles
|
|
110
|
|
|
123
|
|
|
130
|
|
|
136
|
|
|
143
|
|
|
(11)
|
|
|
(23)
|
|
Acquisition-related(4)
|
|
7
|
|
|
10
|
|
|
13
|
|
|
18
|
|
|
23
|
|
|
(30)
|
|
|
(70)
|
|
Operating
expenses
|
|
2,557
|
|
|
2,642
|
|
|
2,450
|
|
|
2,490
|
|
|
2,441
|
|
|
(3)
|
|
|
5
|
|
Total non-interest
expense
|
|
3,049
|
|
|
3,284
|
|
|
2,985
|
|
|
2,979
|
|
|
2,932
|
|
|
(7)
|
|
|
4
|
|
Income from
continuing operations before income taxes
|
|
1,663
|
|
|
1,420
|
|
|
1,661
|
|
|
1,785
|
|
|
1,703
|
|
|
17
|
|
|
(2)
|
|
Income tax
provision
|
|
529
|
|
|
450
|
|
|
536
|
|
|
581
|
|
|
579
|
|
|
18
|
|
|
(9)
|
|
Income from
continuing operations, net of tax
|
|
1,134
|
|
|
970
|
|
|
1,125
|
|
|
1,204
|
|
|
1,124
|
|
|
17
|
|
|
1
|
|
Income (loss) from
discontinued operations, net of tax(2)
|
|
19
|
|
|
29
|
|
|
(44)
|
|
|
(10)
|
|
|
30
|
|
|
(34)
|
|
|
(37)
|
|
Net income
|
|
1,153
|
|
|
999
|
|
|
1,081
|
|
|
1,194
|
|
|
1,154
|
|
|
15
|
|
|
—
|
|
Dividends and
undistributed earnings allocated to participating
securities(5)
|
|
(6)
|
|
|
(4)
|
|
|
(5)
|
|
|
(4)
|
|
|
(5)
|
|
|
50
|
|
|
20
|
|
Preferred stock
dividends(5)
|
|
(32)
|
|
|
(21)
|
|
|
(20)
|
|
|
(13)
|
|
|
(13)
|
|
|
52
|
|
|
146
|
|
Net income available
to common stockholders
|
|
$
|
1,115
|
|
|
$
|
974
|
|
|
$
|
1,056
|
|
|
$
|
1,177
|
|
|
$
|
1,136
|
|
|
14
|
|
|
(2)
|
|
Common Share
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share:(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
|
2.00
|
|
|
$
|
1.71
|
|
|
$
|
1.97
|
|
|
$
|
2.09
|
|
|
$
|
1.94
|
|
|
17%
|
|
|
3%
|
|
Income (loss) from
discontinued operations
|
|
0.03
|
|
|
0.05
|
|
|
(0.08)
|
|
|
(0.02)
|
|
|
0.05
|
|
|
(40)
|
|
|
(40)
|
|
Net income per basic
common share
|
|
$
|
2.03
|
|
|
$
|
1.76
|
|
|
$
|
1.89
|
|
|
$
|
2.07
|
|
|
$
|
1.99
|
|
|
15
|
|
|
2
|
|
Diluted earnings
per common share:(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
|
1.97
|
|
|
$
|
1.68
|
|
|
$
|
1.94
|
|
|
$
|
2.06
|
|
|
$
|
1.91
|
|
|
17
|
|
|
3
|
|
Income (loss) from
discontinued operations
|
|
0.03
|
|
|
0.05
|
|
|
(0.08)
|
|
|
(0.02)
|
|
|
0.05
|
|
|
(40)
|
|
|
(40)
|
|
Net income per
diluted common share
|
|
$
|
2.00
|
|
|
$
|
1.73
|
|
|
$
|
1.86
|
|
|
$
|
2.04
|
|
|
$
|
1.96
|
|
|
16
|
|
|
2
|
|
Weighted-average
common shares outstanding (in millions) for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic common
shares
|
|
550.2
|
|
|
554.3
|
|
|
559.9
|
|
|
567.5
|
|
|
571.0
|
|
|
(1)
|
|
|
(4)
|
|
Diluted common
shares
|
|
557.2
|
|
|
561.8
|
|
|
567.9
|
|
|
577.6
|
|
|
580.3
|
|
|
(1)
|
|
|
(4)
|
|
Common shares
outstanding (period end, in millions)
|
|
548.0
|
|
|
553.4
|
|
|
558.5
|
|
|
561.8
|
|
|
572.9
|
|
|
(1)
|
|
|
(4)
|
|
Dividends per common
share
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
—
|
|
|
—
|
|
Tangible book value
per common share (period end)(6)
|
|
52.19
|
|
|
50.32
|
|
|
48.72
|
|
|
47.90
|
|
|
45.88
|
|
|
4
|
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q1
vs.
|
(Dollars in
millions) (unaudited)
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q1
|
Balance Sheet
(Period End)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
investment(7)
|
|
$
|
203,978
|
|
|
$
|
208,316
|
|
|
$
|
201,592
|
|
|
$
|
198,528
|
|
|
$
|
192,941
|
|
|
(2)%
|
|
|
6%
|
|
Interest-earning
assets
|
|
275,837
|
|
|
277,849
|
|
|
270,001
|
|
|
266,720
|
|
|
259,422
|
|
|
(1)
|
|
|
6
|
|
Total
assets
|
|
306,224
|
|
|
308,167
|
|
|
299,640
|
|
|
297,434
|
|
|
289,814
|
|
|
(1)
|
|
|
6
|
|
Interest-bearing
deposits
|
|
185,208
|
|
|
180,467
|
|
|
178,876
|
|
|
180,970
|
|
|
184,214
|
|
|
3
|
|
|
1
|
|
Total
deposits
|
|
210,440
|
|
|
205,548
|
|
|
204,264
|
|
|
205,890
|
|
|
208,324
|
|
|
2
|
|
|
1
|
|
Borrowings
|
|
41,029
|
|
|
48,457
|
|
|
42,243
|
|
|
39,114
|
|
|
30,118
|
|
|
(15)
|
|
|
36
|
|
Common
equity
|
|
43,908
|
|
|
43,231
|
|
|
42,682
|
|
|
42,477
|
|
|
41,948
|
|
|
2
|
|
|
5
|
|
Total stockholders'
equity
|
|
45,730
|
|
|
45,053
|
|
|
44,018
|
|
|
43,815
|
|
|
42,801
|
|
|
2
|
|
|
7
|
|
Balance Sheet
(Average Balances)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
investment(7)
|
|
$
|
205,194
|
|
|
$
|
203,436
|
|
|
$
|
199,422
|
|
|
$
|
194,996
|
|
|
$
|
193,722
|
|
|
1%
|
|
|
6%
|
|
Interest-earning
assets
|
|
278,427
|
|
|
273,436
|
|
|
268,890
|
|
|
263,570
|
|
|
262,659
|
|
|
2
|
|
|
6
|
|
Total
assets
|
|
309,401
|
|
|
304,153
|
|
|
298,913
|
|
|
294,089
|
|
|
293,551
|
|
|
2
|
|
|
5
|
|
Interest-bearing
deposits
|
|
182,998
|
|
|
179,401
|
|
|
179,928
|
|
|
182,053
|
|
|
184,183
|
|
|
2
|
|
|
(1)
|
|
Total
deposits
|
|
207,851
|
|
|
205,355
|
|
|
205,199
|
|
|
206,315
|
|
|
205,842
|
|
|
1
|
|
|
1
|
|
Borrowings
|
|
46,082
|
|
|
43,479
|
|
|
40,314
|
|
|
35,658
|
|
|
35,978
|
|
|
6
|
|
|
28
|
|
Common
equity
|
|
44,575
|
|
|
43,895
|
|
|
43,489
|
|
|
42,797
|
|
|
42,006
|
|
|
2
|
|
|
6
|
|
Total stockholders'
equity
|
|
46,397
|
|
|
45,576
|
|
|
44,827
|
|
|
43,767
|
|
|
42,859
|
|
|
2
|
|
|
8
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 2: Selected
Metrics—Consolidated(1)
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q1
vs.
|
(Dollars in
millions) (unaudited)
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
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Q4
|
|
Q1
|
Performance
Metrics
|
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|
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Net interest income
growth (quarter over quarter)
|
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(2)%
|
|
|
4%
|
|
|
4%
|
|
|
(1)%
|
|
|
(2)%
|
|
|
**
|
|
|
**
|
|
Non-interest income
growth (quarter over quarter)
|
|
(7)
|
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|
1
|
|
|
(1)
|
|
|
13
|
|
|
(9)
|
|
|
**
|
|
|
**
|
|
Total net revenue
growth (quarter over quarter)
|
|
(3)
|
|
|
3
|
|
|
3
|
|
|
2
|
|
|
(3)
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|
|
**
|
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|
**
|
|
Total net revenue
margin(8)
|
|
8.11
|
|
|
8.50
|
|
|
8.39
|
|
|
8.30
|
|
|
8.18
|
|
|
(39)
|
bps
|
|
(7)
|
bps
|
Net interest
margin(9)
|
|
6.57
|
|
|
6.81
|
|
|
6.69
|
|
|
6.55
|
|
|
6.62
|
|
|
(24)
|
|
|
(5)
|
|
Return on average
assets
|
|
1.47
|
|
|
1.28
|
|
|
1.51
|
|
|
1.64
|
|
|
1.53
|
|
|
19
|
|
|
(6)
|
|
Return on average
tangible assets(10)
|
|
1.54
|
|
|
1.34
|
|
|
1.59
|
|
|
1.73
|
|
|
1.62
|
|
|
20
|
|
|
(8)
|
|
Return on average
common equity(11)
|
|
9.84
|
|
|
8.61
|
|
|
10.12
|
|
|
11.09
|
|
|
10.53
|
|
|
123
|
|
|
(69)
|
|
Return on average
tangible common equity(12)
|
|
15.00
|
|
|
13.28
|
|
|
15.73
|
|
|
17.47
|
|
|
16.83
|
|
|
172
|
|
|
(183)
|
|
Non-interest expense
as a percentage of average loans held for investment
|
|
5.94
|
|
|
6.46
|
|
|
5.99
|
|
|
6.11
|
|
|
6.05
|
|
|
(52)
|
|
|
(11)
|
|
Efficiency
ratio(13)
|
|
53.99
|
|
|
56.49
|
|
|
52.93
|
|
|
54.48
|
|
|
54.60
|
|
|
(250)
|
|
|
(61)
|
|
Effective income tax
rate for continuing operations
|
|
31.8
|
|
|
31.7
|
|
|
32.3
|
|
|
32.5
|
|
|
34.0
|
|
|
10
|
|
|
(220)
|
|
Employees (in
thousands), period end(14)
|
|
47.0
|
|
|
46.0
|
|
|
44.9
|
|
|
44.6
|
|
|
44.9
|
|
|
2%
|
|
|
5%
|
|
Credit Quality
Metrics(7)
|
|
|
|
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|
|
|
|
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|
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|
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Allowance for loan
and lease losses
|
|
$
|
4,405
|
|
|
$
|
4,383
|
|
|
$
|
4,212
|
|
|
$
|
3,998
|
|
|
$
|
4,098
|
|
|
1%
|
|
|
7%
|
|
Allowance as a
percentage of loans held for investment
|
|
2.16%
|
|
|
2.10%
|
|
|
2.09%
|
|
|
2.01%
|
|
|
2.12%
|
|
|
6
|
bps
|
|
4
|
bps
|
Allowance as a
percentage of loans held for investment (excluding acquired
loans)
|
|
2.41
|
|
|
2.36
|
|
|
2.37
|
|
|
2.30
|
|
|
2.45
|
|
|
5
|
|
|
(4)
|
|
Net
charge-offs
|
|
$
|
881
|
|
|
$
|
915
|
|
|
$
|
756
|
|
|
$
|
812
|
|
|
$
|
931
|
|
|
(4)%
|
|
|
(5)%
|
|
Net charge-off
rate(15)
|
|
1.72%
|
|
|
1.80%
|
|
|
1.52%
|
|
|
1.67%
|
|
|
1.92%
|
|
|
(8)
|
bps
|
|
(20)
|
bps
|
Net charge-off rate
(excluding acquired loans)(15)
|
|
1.93
|
|
|
2.04
|
|
|
1.73
|
|
|
1.93
|
|
|
2.24
|
|
|
(11)
|
|
|
(31)
|
|
30+ day performing
delinquency rate
|
|
2.32
|
|
|
2.62
|
|
|
2.46
|
|
|
2.24
|
|
|
2.22
|
|
|
(30)
|
|
|
10
|
|
30+ day performing
delinquency rate (excluding acquired loans)
|
|
2.61
|
|
|
2.95
|
|
|
2.81
|
|
|
2.58
|
|
|
2.59
|
|
|
(34)
|
|
|
2
|
|
30+ day delinquency
rate
|
|
2.58
|
|
|
2.91
|
|
|
2.76
|
|
|
2.53
|
|
|
2.51
|
|
|
(33)
|
|
|
7
|
|
30+ day delinquency
rate (excluding acquired loans)
|
|
2.90
|
|
|
3.28
|
|
|
3.14
|
|
|
2.91
|
|
|
2.93
|
|
|
(38)
|
|
|
(3)
|
|
Capital
Ratios(16)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1
capital ratio
|
|
12.5%
|
|
|
12.5%
|
|
|
12.7%
|
|
|
12.7%
|
|
|
13.0%
|
|
|
—
|
bps
|
|
(50)
|
bps
|
Tier 1 risk-based
capital ratio
|
|
13.2
|
|
|
13.2
|
|
|
13.3
|
|
|
13.3
|
|
|
13.4
|
|
|
—
|
|
|
(20)
|
|
Total risk-based
capital ratio
|
|
15.1
|
|
|
15.1
|
|
|
15.2
|
|
|
15.4
|
|
|
15.4
|
|
|
—
|
|
|
(30)
|
|
Tier 1 leverage
ratio
|
|
10.7
|
|
|
10.8
|
|
|
10.6
|
|
|
10.7
|
|
|
10.4
|
|
|
(10)
|
|
|
30
|
|
Tangible common
equity ("TCE") ratio(17)
|
|
9.8
|
|
|
9.5
|
|
|
9.6
|
|
|
9.5
|
|
|
9.6
|
|
|
30
|
|
|
20
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 3:
Consolidated Statements of Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
2015 Q1
vs.
|
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
(Dollars in
millions, except per share data and as noted)
(unaudited)
|
|
Q1
|
|
Q4
|
|
Q1
|
|
Q4
|
|
Q1
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
Loans, including
loans held for sale
|
|
$
|
4,540
|
|
|
$
|
4,613
|
|
|
$
|
4,307
|
|
|
(2)%
|
|
|
5%
|
|
Investment
securities
|
|
406
|
|
|
405
|
|
|
416
|
|
|
—
|
|
|
(2)
|
|
Other
|
|
28
|
|
|
27
|
|
|
30
|
|
|
4
|
|
|
(7)
|
|
Total interest
income
|
|
4,974
|
|
|
5,045
|
|
|
4,753
|
|
|
(1)
|
|
|
5
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
271
|
|
|
269
|
|
|
276
|
|
|
1
|
|
|
(2)
|
|
Securitized debt
obligations
|
|
33
|
|
|
36
|
|
|
38
|
|
|
(8)
|
|
|
(13)
|
|
Senior and
subordinated notes
|
|
79
|
|
|
73
|
|
|
77
|
|
|
8
|
|
|
3
|
|
Other
borrowings
|
|
15
|
|
|
11
|
|
|
12
|
|
|
36
|
|
|
25
|
|
Total interest
expense
|
|
398
|
|
|
389
|
|
|
403
|
|
|
2
|
|
|
(1)
|
|
Net interest
income
|
|
4,576
|
|
|
4,656
|
|
|
4,350
|
|
|
(2)
|
|
|
5
|
|
Provision for credit
losses
|
|
935
|
|
|
1,109
|
|
|
735
|
|
|
(16)
|
|
|
27
|
|
Net interest income
after provision for credit losses
|
|
3,641
|
|
|
3,547
|
|
|
3,615
|
|
|
3
|
|
|
1
|
|
Non-interest
income:(2)
|
|
|
|
|
|
|
|
|
|
|
Service charges and
other customer-related fees
|
|
437
|
|
|
462
|
|
|
474
|
|
|
(5)
|
|
|
(8)
|
|
Interchange fees,
net
|
|
496
|
|
|
523
|
|
|
440
|
|
|
(5)
|
|
|
13
|
|
Net
other-than-temporary impairment recognized in earnings
|
|
(15)
|
|
|
(9)
|
|
|
(5)
|
|
|
67
|
|
|
200
|
|
Other
|
|
153
|
|
|
181
|
|
|
111
|
|
|
(15)
|
|
|
38
|
|
Total non-interest
income
|
|
1,071
|
|
|
1,157
|
|
|
1,020
|
|
|
(7)
|
|
|
5
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
Salaries and
associate benefits
|
|
1,211
|
|
|
1,179
|
|
|
1,161
|
|
|
3
|
|
|
4
|
|
Occupancy and
equipment
|
|
435
|
|
|
474
|
|
|
405
|
|
|
(8)
|
|
|
7
|
|
Marketing
|
|
375
|
|
|
509
|
|
|
325
|
|
|
(26)
|
|
|
15
|
|
Professional
services
|
|
296
|
|
|
329
|
|
|
287
|
|
|
(10)
|
|
|
3
|
|
Communications and
data processing
|
|
202
|
|
|
203
|
|
|
196
|
|
|
—
|
|
|
3
|
|
Amortization of
intangibles
|
|
110
|
|
|
123
|
|
|
143
|
|
|
(11)
|
|
|
(23)
|
|
Other
|
|
420
|
|
|
467
|
|
|
415
|
|
|
(10)
|
|
|
1
|
|
Total non-interest
expense
|
|
3,049
|
|
|
3,284
|
|
|
2,932
|
|
|
(7)
|
|
|
4
|
|
Income from
continuing operations before income taxes
|
|
1,663
|
|
|
1,420
|
|
|
1,703
|
|
|
17
|
|
|
(2)
|
|
Income tax
provision
|
|
529
|
|
|
450
|
|
|
579
|
|
|
18
|
|
|
(9)
|
|
Income from
continuing operations, net of tax
|
|
1,134
|
|
|
970
|
|
|
1,124
|
|
|
17
|
|
|
1
|
|
Income from
discontinued operations, net of tax(2)
|
|
19
|
|
|
29
|
|
|
30
|
|
|
(34)
|
|
|
(37)
|
|
Net
income
|
|
1,153
|
|
|
999
|
|
|
1,154
|
|
|
15
|
|
|
—
|
|
Dividends and
undistributed earnings allocated to participating
securities(5)
|
|
(6)
|
|
|
(4)
|
|
|
(5)
|
|
|
50
|
|
|
20
|
|
Preferred stock
dividends(5)
|
|
(32)
|
|
|
(21)
|
|
|
(13)
|
|
|
52
|
|
|
146
|
|
Net income
available to common stockholders
|
|
$
|
1,115
|
|
|
$
|
974
|
|
|
$
|
1,136
|
|
|
14
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
2015 Q1
vs.
|
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
(Dollars in
millions, except per share data and as noted)
(unaudited)
|
|
Q1
|
|
Q4
|
|
Q1
|
|
Q4
|
|
Q1
|
Basic earnings per
common share:(5)
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
|
2.00
|
|
|
$
|
1.71
|
|
|
$
|
1.94
|
|
|
17%
|
|
|
3%
|
|
Income from
discontinued operations
|
|
0.03
|
|
|
0.05
|
|
|
0.05
|
|
|
(40)
|
|
|
(40)
|
|
Net income per
basic common share
|
|
$
|
2.03
|
|
|
$
|
1.76
|
|
|
$
|
1.99
|
|
|
15
|
|
|
2
|
|
Diluted earnings
per common share:(5)
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
|
1.97
|
|
|
$
|
1.68
|
|
|
$
|
1.91
|
|
|
17
|
|
|
3
|
|
Income from
discontinued operations
|
|
0.03
|
|
|
0.05
|
|
|
0.05
|
|
|
(40)
|
|
|
(40)
|
|
Net income per
diluted common share
|
|
$
|
2.00
|
|
|
$
|
1.73
|
|
|
$
|
1.96
|
|
|
16
|
|
|
2
|
|
Weighted average
common shares outstanding (in millions):
|
|
|
|
|
|
|
|
|
|
|
Basic common
shares
|
|
550.2
|
|
|
554.3
|
|
|
571.0
|
|
|
(1)
|
|
|
(4)
|
|
Diluted common
shares
|
|
557.2
|
|
|
561.8
|
|
|
580.3
|
|
|
(1)
|
|
|
(4)
|
|
Dividends paid per
common share
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
—
|
|
|
—
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 4:
Consolidated Balance
Sheets(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2015
vs.
|
(Dollars in
millions) (unaudited)
|
|
March 31,
2015
|
|
December 31,
2014
|
|
March 31,
2014
|
|
December 31,
2014
|
|
March 31,
2014
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
2,853
|
|
|
$
|
3,147
|
|
|
$
|
3,373
|
|
|
(9)%
|
|
|
(15)%
|
|
Interest-bearing
deposits with banks
|
|
6,038
|
|
|
4,095
|
|
|
2,641
|
|
|
47
|
|
|
129
|
|
Federal funds sold
and securities purchased under agreements to resell
|
|
0
|
|
|
0
|
|
|
168
|
|
|
—
|
|
|
**
|
|
Total cash and cash
equivalents
|
|
8,891
|
|
|
7,242
|
|
|
6,182
|
|
|
23
|
|
|
44
|
|
Restricted cash for
securitization investors
|
|
234
|
|
|
234
|
|
|
550
|
|
|
—
|
|
|
(57)
|
|
Securities available
for sale, at fair value
|
|
39,321
|
|
|
39,508
|
|
|
40,721
|
|
|
—
|
|
|
(3)
|
|
Securities held to
maturity, at carrying value
|
|
23,241
|
|
|
22,500
|
|
|
20,150
|
|
|
3
|
|
|
15
|
|
Loans held for
investment:(7)
|
|
|
|
|
|
|
|
|
|
|
Unsecuritized loans
held for investment
|
|
170,040
|
|
|
171,771
|
|
|
156,072
|
|
|
(1)
|
|
|
9
|
|
Restricted loans for
securitization investors
|
|
33,938
|
|
|
36,545
|
|
|
36,869
|
|
|
(7)
|
|
|
(8)
|
|
Total loans held for
investment
|
|
203,978
|
|
|
208,316
|
|
|
192,941
|
|
|
(2)
|
|
|
6
|
|
Allowance for loan
and lease losses
|
|
(4,405)
|
|
|
(4,383)
|
|
|
(4,098)
|
|
|
1
|
|
|
7
|
|
Net loans held for
investment
|
|
199,573
|
|
|
203,933
|
|
|
188,843
|
|
|
(2)
|
|
|
6
|
|
Loans held for sale,
at lower of cost or fair value
|
|
1,331
|
|
|
626
|
|
|
259
|
|
|
113
|
|
|
414
|
|
Premises and
equipment, net
|
|
3,684
|
|
|
3,685
|
|
|
3,807
|
|
|
—
|
|
|
(3)
|
|
Interest
receivable
|
|
1,078
|
|
|
1,079
|
|
|
1,045
|
|
|
—
|
|
|
3
|
|
Goodwill
|
|
13,978
|
|
|
13,978
|
|
|
13,974
|
|
|
—
|
|
|
—
|
|
Other
assets
|
|
14,893
|
|
|
15,382
|
|
|
14,283
|
|
|
(3)
|
|
|
4
|
|
Total
assets
|
|
$
|
306,224
|
|
|
$
|
308,167
|
|
|
$
|
289,814
|
|
|
(1)
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2015
vs.
|
(Dollars in
millions) (unaudited)
|
|
March 31,
2015
|
|
December 31,
2014
|
|
March 31,
2014
|
|
December 31,
2014
|
|
March 31,
2014
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
Interest
payable
|
|
$
|
195
|
|
|
$
|
254
|
|
|
$
|
182
|
|
|
(23)%
|
|
|
7%
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
25,232
|
|
|
25,081
|
|
|
24,110
|
|
|
1
|
|
|
5
|
|
Interest-bearing
deposits
|
|
185,208
|
|
|
180,467
|
|
|
184,214
|
|
|
3
|
|
|
1
|
|
Total
deposits
|
|
210,440
|
|
|
205,548
|
|
|
208,324
|
|
|
2
|
|
|
1
|
|
Securitized debt
obligations
|
|
12,717
|
|
|
11,624
|
|
|
9,783
|
|
|
9
|
|
|
30
|
|
Other
debt:
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities loaned or sold under agreements to
repurchase
|
|
933
|
|
|
880
|
|
|
1,544
|
|
|
6
|
|
|
(40)
|
|
Senior and
subordinated notes
|
|
20,559
|
|
|
18,684
|
|
|
14,891
|
|
|
10
|
|
|
38
|
|
Other
borrowings
|
|
6,820
|
|
|
17,269
|
|
|
3,900
|
|
|
(61)
|
|
|
75
|
|
Total other
debt
|
|
28,312
|
|
|
36,833
|
|
|
20,335
|
|
|
(23)
|
|
|
39
|
|
Other
liabilities
|
|
8,830
|
|
|
8,855
|
|
|
8,389
|
|
|
—
|
|
|
5
|
|
Total
liabilities
|
|
260,494
|
|
|
263,114
|
|
|
247,013
|
|
|
(1)
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
0
|
|
|
0
|
|
|
0
|
|
|
—
|
|
|
—
|
|
Common
stock
|
|
6
|
|
|
6
|
|
|
6
|
|
|
—
|
|
|
—
|
|
Additional paid-in
capital, net
|
|
27,939
|
|
|
27,869
|
|
|
26,605
|
|
|
—
|
|
|
5
|
|
Retained
earnings
|
|
24,925
|
|
|
23,973
|
|
|
21,259
|
|
|
4
|
|
|
17
|
|
Accumulated other
comprehensive income ("AOCI")
|
|
(212)
|
|
|
(430)
|
|
|
(710)
|
|
|
(51)
|
|
|
(70)
|
|
Treasury stock, at
cost
|
|
(6,928)
|
|
|
(6,365)
|
|
|
(4,359)
|
|
|
9
|
|
|
59
|
|
Total
stockholders' equity
|
|
45,730
|
|
|
45,053
|
|
|
42,801
|
|
|
2
|
|
|
7
|
|
Total liabilities
and stockholders' equity
|
|
$
|
306,224
|
|
|
$
|
308,167
|
|
|
$
|
289,814
|
|
|
(1)
|
|
|
6
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 5: Notes to
Financial & Selected Metrics and Consolidated Financial
Statements (Tables 1 — 4)
|
|
|
**
|
Not
meaningful.
|
|
|
(1)
|
As of January 1,
2015, we changed our accounting principle for presenting qualifying
derivative assets and liabilities, as well as the related fair
value amounts recognized for the right to reclaim cash collateral
(a receivable) or the obligation to return cash collateral (a
payable), from a gross basis of presentation to a net basis. Prior
period results and related metrics have been recast to conform to
this presentation. Prior period regulatory ratios have not been
recast.
|
|
|
(2)
|
We recorded the
following related to the mortgage representation and warranty
reserve:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
(Dollars in
millions) (unaudited)
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
Provision (benefit)
for mortgage representation and warranty losses before income
taxes:
|
|
|
|
|
|
|
|
|
|
|
Recorded in
continuing operations
|
|
$
|
1
|
|
|
$
|
(11)
|
|
|
$
|
—
|
|
|
$
|
(29)
|
|
|
$
|
14
|
|
Recorded in
discontinued operations
|
|
(19)
|
|
|
(41)
|
|
|
70
|
|
|
11
|
|
|
(47)
|
|
Total (benefit)
provision for mortgage representation and warranty losses before
income taxes
|
|
$
|
(18)
|
|
|
$
|
(52)
|
|
|
$
|
70
|
|
|
$
|
(18)
|
|
|
$
|
(33)
|
|
|
|
Historically, the
majority of the provision for representation and warranty losses is
included net of tax in discontinued operations, with the remaining
amount included before income taxes in non-interest income. The
mortgage representation and warranty reserve was $673 million as of
March 31, 2015, $731 million as of December 31, 2014 and $1.1
billion as of March 31, 2014.
|
|
|
|
(3)
|
Total net revenue was
reduced by $147 million in Q1 2015, $165 million in Q4 2014, $164
million in Q3 2014, $153 million in Q2 2014 and $163 million in Q1
2014 for the estimated uncollectible amount of billed finance
charges and fees.
|
|
|
(4)
|
Acquisition-related
costs include transaction costs, legal and other professional or
consulting fees, restructuring costs, and integration
expense.
|
|
|
(5)
|
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.
|
|
|
(6)
|
Tangible book value
per common share is a non-GAAP measure calculated based on tangible
common equity divided by common shares outstanding. See "Table 14:
Reconciliation of Non-GAAP Measures and Calculation of Regulatory
Capital Measures" for additional information on tangible common
equity.
|
|
|
(7)
|
Loans held for
investment includes acquired loans. We use the term "acquired
loans" to refer to a certain portion of the loans acquired in the
following transactions: (i) the February 2012 transaction where we
acquired the assets and assumed the liabilities of substantially
all of ING Direct; (ii) the February 2009 Chevy Chase Bank
acquisition; and (iii) May 2012 transaction in which we acquired
substantially all of HSBC's credit card and private-label credit
card business in the United States. These loans 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", or Accounting Standard Codification 310-30). The table below
presents amounts related to acquired loans accounted for under SOP
03-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
(Dollars in
millions) (unaudited)
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
Acquired loans
accounted for under SOP 03-3:
|
|
|
|
|
|
|
|
|
|
|
Period-end unpaid
principal balance
|
|
$
|
23,248
|
|
|
$
|
24,473
|
|
|
$
|
25,726
|
|
|
$
|
27,117
|
|
|
$
|
28,549
|
|
Period-end loans held
for investment
|
|
22,334
|
|
|
23,500
|
|
|
24,685
|
|
|
26,019
|
|
|
27,390
|
|
Average loans held
for investment
|
|
22,773
|
|
|
23,907
|
|
|
25,104
|
|
|
26,491
|
|
|
27,760
|
|
|
|
|
|
(8)
|
Calculated based on
annualized total net revenue for the period divided by average
interest-earning assets for the period.
|
|
|
(9)
|
Calculated based on
annualized net interest income for the period divided by average
interest-earning assets for the period.
|
|
|
(10)
|
Calculated based on
annualized income from continuing operations, net of tax, for the
period divided by average tangible assets for the period. Return on
average tangible assets is a non-GAAP measure and See "Table 14:
Reconciliation of Non-GAAP Measures and Calculation of Regulatory
Capital Measures" for additional information.
|
|
|
(11)
|
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.
|
|
|
(12)
|
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. Return on average tangible common equity is a non-GAAP
measure and our calculation may not be comparable to similarly
titled measures reported by other companies. See "Table 14:
Reconciliation of Non-GAAP Measures and Calculation of Regulatory
Capital Measures" for additional information.
|
|
|
(13)
|
Calculated based on
total non-interest expense for the period divided by total net
revenue for the period.
|
|
|
(14)
|
Effective Q2 2014, we
changed our presentation from total full-time equivalent employees
to total employees. All prior periods have been recast to
conform to the current presentation.
|
|
|
(15)
|
Calculated based on
annualized net charge-offs for the period divided by average loans
held for investment for the period.
|
|
|
(16)
|
Ratios as of the end
of Q1 2015 are preliminary and therefore subject to change. See
"Table 14: Reconciliation of Non-GAAP Measures and Calculation of
Regulatory Capital Measures" for information on the calculation of
each of these ratios.
|
|
|
(17)
|
TCE ratio is a
non-GAAP measure calculated based on TCE divided by tangible
assets. See "Table 14: Reconciliation of Non-GAAP Measures and
Calculation of Regulatory Capital Measures" for additional
information.
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 6: Average
Balances, Net Interest Income and Net Interest
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
Q1
|
|
2014
Q4
|
|
2014
Q1
|
|
|
Average
Balance
|
|
Interest
Income/Expense(1)
|
|
Yield/Rate(1)
|
|
Average
Balance
|
|
Interest
Income/Expense(1)
|
|
Yield/Rate(1)
|
|
Average
Balance
|
|
Interest
Income/Expense(1)
|
|
Yield/Rate(1)
|
(Dollars in
millions) (unaudited)
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
loans held for sale
|
|
$
|
205,854
|
|
|
$
|
4,540
|
|
|
8.82%
|
|
|
$
|
204,137
|
|
|
$
|
4,613
|
|
|
9.04%
|
|
|
$
|
194,020
|
|
|
$
|
4,307
|
|
|
8.88%
|
|
Investment
securities
|
|
63,181
|
|
|
406
|
|
|
2.57
|
|
|
62,952
|
|
|
405
|
|
|
2.57
|
|
|
62,124
|
|
|
416
|
|
|
2.68
|
|
Cash equivalents and
other
|
|
9,392
|
|
|
28
|
|
|
1.19
|
|
|
6,347
|
|
|
27
|
|
|
1.70
|
|
|
6,515
|
|
|
30
|
|
|
1.84
|
|
Total
interest-earning assets
|
|
$
|
278,427
|
|
|
$
|
4,974
|
|
|
7.15
|
|
|
$
|
273,436
|
|
|
$
|
5,045
|
|
|
7.38
|
|
|
$
|
262,659
|
|
|
$
|
4,753
|
|
|
7.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
$
|
182,998
|
|
|
$
|
271
|
|
|
0.59
|
|
|
$
|
179,401
|
|
|
$
|
269
|
|
|
0.60
|
|
|
$
|
184,183
|
|
|
$
|
276
|
|
|
0.60
|
|
Securitized debt
obligations
|
|
11,563
|
|
|
33
|
|
|
1.14
|
|
|
11,479
|
|
|
36
|
|
|
1.25
|
|
|
10,418
|
|
|
38
|
|
|
1.46
|
|
Senior and
subordinated notes
|
|
20,595
|
|
|
79
|
|
|
1.53
|
|
|
18,680
|
|
|
73
|
|
|
1.56
|
|
|
14,162
|
|
|
77
|
|
|
2.17
|
|
Other borrowings and
liabilities
|
|
14,721
|
|
|
15
|
|
|
0.41
|
|
|
14,058
|
|
|
11
|
|
|
0.31
|
|
|
11,398
|
|
|
12
|
|
|
0.42
|
|
Total
interest-bearing liabilities
|
|
$
|
229,877
|
|
|
$
|
398
|
|
|
0.69
|
|
|
$
|
223,618
|
|
|
$
|
389
|
|
|
0.70
|
|
|
$
|
220,161
|
|
|
$
|
403
|
|
|
0.73
|
|
Net interest
income/spread
|
|
|
|
$
|
4,576
|
|
|
6.46
|
|
|
|
|
$
|
4,656
|
|
|
6.68
|
|
|
|
|
$
|
4,350
|
|
|
6.51
|
|
Impact of
non-interest bearing funding
|
|
|
|
|
|
0.11
|
|
|
|
|
|
|
0.13
|
|
|
|
|
|
|
0.11
|
|
Net interest
margin
|
|
|
|
|
|
6.57%
|
|
|
|
|
|
|
6.81%
|
|
|
|
|
|
|
6.62%
|
|
__________
|
|
|
(1)
|
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.
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 7: Loan
Information and Performance
Statistics(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q1
vs.
|
(Dollars in
millions) (unaudited)
|
|
2015
Q1
|
|
2014
Q4
|
|
2014
Q3
|
|
2014
Q2
|
|
2014
Q1
|
|
2014
Q4
|
|
2014
Q1
|
Period-end Loans
Held For Investment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic credit card
|
|
$
|
74,131
|
|
|
$
|
77,704
|
|
|
$
|
73,143
|
|
|
$
|
71,165
|
|
|
$
|
68,275
|
|
|
(5)%
|
|
|
9%
|
|
International credit
card
|
|
7,623
|
|
|
8,172
|
|
|
7,488
|
|
|
7,853
|
|
|
7,575
|
|
|
(7)
|
|
|
1
|
|
Total credit
card
|
|
81,754
|
|
|
85,876
|
|
|
80,631
|
|
|
79,018
|
|
|
75,850
|
|
|
(5)
|
|
|
8
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
38,937
|
|
|
37,824
|
|
|
36,254
|
|
|
34,792
|
|
|
33,080
|
|
|
3
|
|
|
18
|
|
Home loan
|
|
28,905
|
|
|
30,035
|
|
|
31,203
|
|
|
32,644
|
|
|
34,035
|
|
|
(4)
|
|
|
(15)
|
|
Retail banking
|
|
3,537
|
|
|
3,580
|
|
|
3,604
|
|
|
3,626
|
|
|
3,612
|
|
|
(1)
|
|
|
(2)
|
|
Total consumer
banking
|
|
71,379
|
|
|
71,439
|
|
|
71,061
|
|
|
71,062
|
|
|
70,727
|
|
|
—
|
|
|
1
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real
estate
|
|
22,831
|
|
|
23,137
|
|
|
22,895
|
|
|
22,040
|
|
|
21,256
|
|
|
(1)
|
|
|
7
|
|
Commercial and
industrial
|
|
27,172
|
|
|
26,972
|
|
|
26,071
|
|
|
25,402
|
|
|
24,064
|
|
|
1
|
|
|
13
|
|
Total commercial
lending
|
|
50,003
|
|
|
50,109
|
|
|
48,966
|
|
|
47,442
|
|
|
45,320
|
|
|
—
|
|
|
10
|
|
Small-ticket commercial real
estate
|
|
738
|
|
|
781
|
|
|
822
|
|
|
879
|
|
|
910
|
|
|
(6)
|
|
|
(19)
|
|
Total commercial
banking(2)
|
|
50,741
|
|
|
50,890
|
|
|
49,788
|
|
|
48,321
|
|
|
46,230
|
|
|
—
|
|
|
10
|
|
Other
loans
|
|
104
|
|
|
111
|
|
|
112
|
|
|
127
|
|
|
134
|
|
|
(6)
|
|
|
(22)
|
|
Total loans held for
investment(2)
|
|
$
|
203,978
|
|
|
$
|
208,316
|
|
|
$
|
201,592
|
|
|
$
|
198,528
|
|
|
$
|
192,941
|
|
|
(2)
|
|
|
6
|
|
Average Loans Held
For Investment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic credit card
|
|
$
|
74,770
|
|
|
$
|
74,026
|
|
|
$
|
71,784
|
|
|
$
|
69,376
|
|
|
$
|
69,810
|
|
|
1%
|
|
|
7%
|
|
International credit
card
|
|
7,811
|
|
|
7,714
|
|
|
7,710
|
|
|
7,621
|
|
|
7,692
|
|
|
1
|
|
|
2
|
|
Total credit
card
|
|
82,581
|
|
|
81,740
|
|
|
79,494
|
|
|
76,997
|
|
|
77,502
|
|
|
1
|
|
|
7
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
38,387
|
|
|
37,072
|
|
|
35,584
|
|
|
33,972
|
|
|
32,387
|
|
|
4
|
|
|
19
|
|
Home loan
|
|
29,493
|
|
|
30,604
|
|
|
31,859
|
|
|
33,299
|
|
|
34,646
|
|
|
(4)
|
|
|
(15)
|
|
Retail banking
|
|
3,561
|
|
|
3,578
|
|
|
3,605
|
|
|
3,613
|
|
|
3,630
|
|
|
—
|
|
|
(2)
|
|
Total consumer
banking
|
|
71,441
|
|
|
71,254
|
|
|
71,048
|
|
|
70,884
|
|
|
70,663
|
|
|
—
|
|
|
1
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real
estate
|
|
23,120
|
|
|
23,129
|
|
|
22,409
|
|
|
21,484
|
|
|
20,962
|
|
|
—
|
|
|
10
|
|
Commercial and
industrial
|
|
27,190
|
|
|
26,409
|
|
|
25,512
|
|
|
24,611
|
|
|
23,541
|
|
|
3
|
|
|
16
|
|
Total commercial
lending
|
|
50,310
|
|
|
49,538
|
|
|
47,921
|
|
|
46,095
|
|
|
44,503
|
|
|
2
|
|
|
13
|
|
Small-ticket commercial real
estate
|
|
760
|
|
|
801
|
|
|
845
|
|
|
896
|
|
|
932
|
|
|
(5)
|
|
|
(18)
|
|
Total commercial
banking
|
|
51,070
|
|
|
50,339
|
|
|
48,766
|
|
|
46,991
|
|
|
45,435
|
|
|
1
|
|
|
12
|
|
Other
loans
|
|
102
|
|
|
103
|
|
|
114
|
|
|
124
|
|
|
122
|
|
|
(1)
|
|
|
(16)
|
|
Total average loans
held for investment
|
|
$
|
205,194
|
|
|
$
|
203,436
|
|
|
$
|
199,422
|
|
|
$
|
194,996
|
|
|
$
|
193,722
|
|
|
1
|
|
|
6
|
|
Net Charge-off
Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic credit card
|
|
3.55%
|
|
|
3.39%
|
|
|
2.83%
|
|
|
3.52%
|
|
|
4.01%
|
|
|
16
|
bps
|
|
(46)
|
bps
|
International credit
card
|
|
2.80
|
|
|
3.34
|
|
|
3.32
|
|
|
3.93
|
|
|
4.17
|
|
|
(54)
|
|
|
(137)
|
|
Total credit
card
|
|
3.48
|
|
|
3.38
|
|
|
2.88
|
|
|
3.56
|
|
|
4.02
|
|
|
10
|
|
|
(54)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q1
vs.
|
(Dollars in
millions) (unaudited)
|
|
2015
Q1
|
|
2014
Q4
|
|
2014
Q3
|
|
2014
Q2
|
|
2014
Q1
|
|
2014
Q4
|
|
2014
Q1
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
1.55%
|
|
|
2.14%
|
|
|
1.98%
|
|
|
1.31%
|
|
|
1.66%
|
|
|
(59)
|
bps
|
|
(11)
|
bps
|
Home loan
|
|
0.03
|
|
|
0.07
|
|
|
0.02
|
|
|
0.05
|
|
|
0.06
|
|
|
(4)
|
|
|
(3)
|
|
Retail banking
|
|
0.96
|
|
|
1.28
|
|
|
1.36
|
|
|
0.70
|
|
|
0.95
|
|
|
(32)
|
|
|
1
|
|
Total consumer
banking
|
|
0.89
|
|
|
1.20
|
|
|
1.07
|
|
|
0.69
|
|
|
0.84
|
|
|
(31)
|
|
|
5
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real
estate
|
|
(0.03)
|
|
|
0.01
|
|
|
(0.10)
|
|
|
—
|
|
|
0.01
|
|
|
(4)
|
|
|
(4)
|
|
Commercial and
industrial
|
|
0.05
|
|
|
0.10
|
|
|
(0.01)
|
|
|
0.04
|
|
|
0.03
|
|
|
(5)
|
|
|
2
|
|
Total commercial
lending
|
|
0.01
|
|
|
0.06
|
|
|
(0.05)
|
|
|
0.02
|
|
|
0.02
|
|
|
(5)
|
|
|
(1)
|
|
Small-ticket commercial real
estate
|
|
0.47
|
|
|
0.80
|
|
|
(0.01)
|
|
|
0.61
|
|
|
0.67
|
|
|
(33)
|
|
|
(20)
|
|
Total commercial
banking
|
|
0.02
|
|
|
0.07
|
|
|
(0.05)
|
|
|
0.03
|
|
|
0.04
|
|
|
(5)
|
|
|
(2)
|
|
Other
loans
|
|
1.56
|
|
|
0.47
|
|
|
(0.61)
|
|
|
2.18
|
|
|
(0.68)
|
|
|
109
|
|
|
224
|
|
Total net
charge-offs
|
|
1.72
|
|
|
1.80
|
|
|
1.52
|
|
|
1.67
|
|
|
1.92
|
|
|
(8)
|
|
|
(20)
|
|
30+ Day Performing
Delinquency Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic credit card
|
|
2.92%
|
|
|
3.27%
|
|
|
3.21%
|
|
|
2.83%
|
|
|
3.02%
|
|
|
(35)
|
bps
|
|
(10)
|
bps
|
International credit
card
|
|
2.81
|
|
|
2.94
|
|
|
3.34
|
|
|
3.40
|
|
|
3.59
|
|
|
(13)
|
|
|
(78)
|
|
Total credit
card
|
|
2.91
|
|
|
3.24
|
|
|
3.22
|
|
|
2.89
|
|
|
3.08
|
|
|
(33)
|
|
|
(17)
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
5.21
|
|
|
6.57
|
|
|
6.14
|
|
|
5.77
|
|
|
5.29
|
|
|
(136)
|
|
|
(8)
|
|
Home loan
|
|
0.18
|
|
|
0.21
|
|
|
0.14
|
|
|
0.13
|
|
|
0.12
|
|
|
(3)
|
|
|
6
|
|
Retail banking
|
|
0.60
|
|
|
0.64
|
|
|
0.53
|
|
|
0.48
|
|
|
0.74
|
|
|
(4)
|
|
|
(14)
|
|
Total consumer
banking
|
|
2.95
|
|
|
3.60
|
|
|
3.22
|
|
|
2.91
|
|
|
2.57
|
|
|
(65)
|
|
|
38
|
|
Nonperforming
Loans and Nonperforming Assets
Rates(3)(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International credit
card
|
|
0.84%
|
|
|
0.86%
|
|
|
0.98%
|
|
|
1.03%
|
|
|
1.07%
|
|
|
(2)
|
bps
|
|
(23)
|
bps
|
Total credit
card
|
|
0.08
|
|
|
0.08
|
|
|
0.09
|
|
|
0.10
|
|
|
0.11
|
|
|
—
|
|
|
(3)
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
0.31
|
|
|
0.52
|
|
|
0.49
|
|
|
0.43
|
|
|
0.34
|
|
|
(21)
|
|
|
(3)
|
|
Home loan
|
|
1.16
|
|
|
1.10
|
|
|
1.04
|
|
|
1.07
|
|
|
1.09
|
|
|
6
|
|
|
7
|
|
Retail banking
|
|
0.71
|
|
|
0.61
|
|
|
0.54
|
|
|
0.79
|
|
|
1.15
|
|
|
10
|
|
|
(44)
|
|
Total consumer
banking
|
|
0.67
|
|
|
0.77
|
|
|
0.73
|
|
|
0.75
|
|
|
0.74
|
|
|
(10)
|
|
|
(7)
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real
estate
|
|
0.18
|
|
|
0.27
|
|
|
0.26
|
|
|
0.29
|
|
|
0.27
|
|
|
(9)
|
|
|
(9)
|
|
Commercial and
industrial
|
|
0.39
|
|
|
0.39
|
|
|
0.37
|
|
|
0.41
|
|
|
0.36
|
|
|
—
|
|
|
3
|
|
Total commercial
lending
|
|
0.29
|
|
|
0.33
|
|
|
0.32
|
|
|
0.36
|
|
|
0.32
|
|
|
(4)
|
|
|
(3)
|
|
Small-ticket commercial real
estate
|
|
1.62
|
|
|
0.96
|
|
|
0.42
|
|
|
1.40
|
|
|
0.73
|
|
|
66
|
|
|
89
|
|
Total commercial
banking
|
|
0.31
|
|
|
0.34
|
|
|
0.32
|
|
|
0.38
|
|
|
0.33
|
|
|
(3)
|
|
|
(2)
|
|
Other
loans
|
|
13.33
|
|
|
13.37
|
|
|
14.66
|
|
|
12.74
|
|
|
12.47
|
|
|
(4)
|
|
|
86
|
|
Total nonperforming
loans
|
|
0.35
|
|
|
0.39
|
|
|
0.38
|
|
|
0.41
|
|
|
0.40
|
|
|
(4)
|
|
|
(5)
|
|
Total nonperforming
assets
|
|
0.50
|
|
|
0.54
|
|
|
0.53
|
|
|
0.55
|
|
|
0.54
|
|
|
(4)
|
|
|
(4)
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 8: Financial
Summary—Business Segments(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2015
|
(Dollars in
millions) (unaudited)
|
|
Total
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking
|
|
Other
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
4,576
|
|
|
$
|
2,666
|
|
|
$
|
1,434
|
|
|
$
|
461
|
|
|
$
|
15
|
|
Non-interest
income
|
|
1,071
|
|
|
816
|
|
|
158
|
|
|
114
|
|
|
(17)
|
|
Total net
revenue(5)
|
|
5,647
|
|
|
3,482
|
|
|
1,592
|
|
|
575
|
|
|
(2)
|
|
Provision for credit
losses
|
|
935
|
|
|
669
|
|
|
206
|
|
|
60
|
|
|
—
|
|
Non-interest
expense
|
|
3,049
|
|
|
1,776
|
|
|
970
|
|
|
272
|
|
|
31
|
|
Income (loss) from
continuing operations before income taxes
|
|
1,663
|
|
|
1,037
|
|
|
416
|
|
|
243
|
|
|
(33)
|
|
Income tax provision
(benefit)
|
|
529
|
|
|
369
|
|
|
150
|
|
|
88
|
|
|
(78)
|
|
Income from
continuing operations, net of tax
|
|
$
|
1,134
|
|
|
$
|
668
|
|
|
$
|
266
|
|
|
$
|
155
|
|
|
$
|
45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2014
|
(Dollars in
millions) (unaudited)
|
|
Total
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking
|
|
Other
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
4,656
|
|
|
$
|
2,697
|
|
|
$
|
1,459
|
|
|
$
|
455
|
|
|
$
|
45
|
|
Non-interest
income
|
|
1,157
|
|
|
841
|
|
|
185
|
|
|
132
|
|
|
(1)
|
|
Total net
revenue(5)
|
|
5,813
|
|
|
3,538
|
|
|
1,644
|
|
|
587
|
|
|
44
|
|
Provision (benefit)
for credit losses
|
|
1,109
|
|
|
856
|
|
|
222
|
|
|
32
|
|
|
(1)
|
|
Non-interest
expense
|
|
3,284
|
|
|
1,888
|
|
|
1,045
|
|
|
293
|
|
|
58
|
|
Income (loss) from
continuing operations before income taxes
|
|
1,420
|
|
|
794
|
|
|
377
|
|
|
262
|
|
|
(13)
|
|
Income tax provision
(benefit)
|
|
450
|
|
|
275
|
|
|
135
|
|
|
93
|
|
|
(53)
|
|
Income from
continuing operations, net of tax
|
|
$
|
970
|
|
|
$
|
519
|
|
|
$
|
242
|
|
|
$
|
169
|
|
|
$
|
40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2014
|
(Dollars in
millions) (unaudited)
|
|
Total
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking
|
|
Other
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(expense)
|
|
$
|
4,350
|
|
|
$
|
2,525
|
|
|
$
|
1,433
|
|
|
$
|
421
|
|
|
$
|
(29)
|
|
Non-interest
income
|
|
1,020
|
|
|
785
|
|
|
150
|
|
|
87
|
|
|
(2)
|
|
Total net revenue
(loss)(5)
|
|
5,370
|
|
|
3,310
|
|
|
1,583
|
|
|
508
|
|
|
(31)
|
|
Provision (benefit)
for credit losses
|
|
735
|
|
|
558
|
|
|
140
|
|
|
40
|
|
|
(3)
|
|
Non-interest
expense
|
|
2,932
|
|
|
1,726
|
|
|
930
|
|
|
255
|
|
|
21
|
|
Income (loss) from
continuing operations before income taxes
|
|
1,703
|
|
|
1,026
|
|
|
513
|
|
|
213
|
|
|
(49)
|
|
Income tax provision
(benefit)
|
|
579
|
|
|
358
|
|
|
183
|
|
|
76
|
|
|
(38)
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
1,124
|
|
|
$
|
668
|
|
|
$
|
330
|
|
|
$
|
137
|
|
|
$
|
(11)
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 9: Financial
& Statistical Summary—Credit Card
Business(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q1
vs.
|
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
(Dollars in
millions) (unaudited)
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q1
|
Credit
Card
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
2,666
|
|
|
$
|
2,697
|
|
|
$
|
2,627
|
|
|
$
|
2,461
|
|
|
$
|
2,525
|
|
|
(1)%
|
|
|
6%
|
|
Non-interest
income
|
|
816
|
|
|
841
|
|
|
846
|
|
|
839
|
|
|
785
|
|
|
(3)
|
|
|
4
|
|
Total net
revenue
|
|
3,482
|
|
|
3,538
|
|
|
3,473
|
|
|
3,300
|
|
|
3,310
|
|
|
(2)
|
|
|
5
|
|
Provision for credit
losses
|
|
669
|
|
|
856
|
|
|
787
|
|
|
549
|
|
|
558
|
|
|
(22)
|
|
|
20
|
|
Non-interest
expense
|
|
1,776
|
|
|
1,888
|
|
|
1,730
|
|
|
1,719
|
|
|
1,726
|
|
|
(6)
|
|
|
3
|
|
Income from
continuing operations before income taxes
|
|
1,037
|
|
|
794
|
|
|
956
|
|
|
1,032
|
|
|
1,026
|
|
|
31
|
|
|
1
|
|
Income tax
provision
|
|
369
|
|
|
275
|
|
|
332
|
|
|
364
|
|
|
358
|
|
|
34
|
|
|
3
|
|
Income from
continuing operations, net of tax
|
|
$
|
668
|
|
|
$
|
519
|
|
|
$
|
624
|
|
|
$
|
668
|
|
|
$
|
668
|
|
|
29
|
|
|
—
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
81,754
|
|
|
$
|
85,876
|
|
|
$
|
80,631
|
|
|
$
|
79,018
|
|
|
$
|
75,850
|
|
|
(5)%
|
|
|
8%
|
|
Average loans held
for investment
|
|
82,581
|
|
|
81,740
|
|
|
79,494
|
|
|
76,997
|
|
|
77,502
|
|
|
1
|
|
|
7
|
|
Average yield on
loans held for investment(6)
|
|
14.30%
|
|
|
14.61%
|
|
|
14.65%
|
|
|
14.22%
|
|
|
14.43%
|
|
|
(31)
|
bps
|
|
(13)
|
bps
|
Total net revenue
margin
|
|
16.87
|
|
|
17.31
|
|
|
17.48
|
|
|
17.14
|
|
|
17.08
|
|
|
(44)
|
|
|
(21)
|
|
Net charge-off
rate
|
|
3.48
|
|
|
3.38
|
|
|
2.88
|
|
|
3.56
|
|
|
4.02
|
|
|
10
|
|
|
(54)
|
|
30+ day performing
delinquency rate
|
|
2.91
|
|
|
3.24
|
|
|
3.22
|
|
|
2.89
|
|
|
3.08
|
|
|
(33)
|
|
|
(17)
|
|
30+ day delinquency
rate
|
|
2.97
|
|
|
3.30
|
|
|
3.29
|
|
|
2.97
|
|
|
3.16
|
|
|
(33)
|
|
|
(19)
|
|
Nonperforming loan
rate(3)
|
|
0.08
|
|
|
0.08
|
|
|
0.09
|
|
|
0.10
|
|
|
0.11
|
|
|
—
|
|
|
(3)
|
|
Card loan premium
amortization and other intangible
accretion(7)
|
|
$
|
11
|
|
|
$
|
11
|
|
|
$
|
18
|
|
|
$
|
31
|
|
|
$
|
37
|
|
|
—%
|
|
|
(70)%
|
|
PCCR intangible
amortization
|
|
84
|
|
|
87
|
|
|
90
|
|
|
94
|
|
|
98
|
|
|
(3)
|
|
|
(14)
|
|
Purchase
volume(8)
|
|
57,383
|
|
|
63,484
|
|
|
57,474
|
|
|
56,358
|
|
|
47,434
|
|
|
(10)
|
|
|
21
|
|
Domestic
Card
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
2,421
|
|
|
$
|
2,432
|
|
|
$
|
2,361
|
|
|
$
|
2,193
|
|
|
$
|
2,255
|
|
|
—%
|
|
|
7%
|
|
Non-interest
income
|
|
743
|
|
|
768
|
|
|
763
|
|
|
768
|
|
|
702
|
|
|
(3)
|
|
|
6
|
|
Total net
revenue
|
|
3,164
|
|
|
3,200
|
|
|
3,124
|
|
|
2,961
|
|
|
2,957
|
|
|
(1)
|
|
|
7
|
|
Provision for credit
losses
|
|
610
|
|
|
765
|
|
|
738
|
|
|
504
|
|
|
486
|
|
|
(20)
|
|
|
26
|
|
Non-interest
expense
|
|
1,580
|
|
|
1,676
|
|
|
1,530
|
|
|
1,513
|
|
|
1,545
|
|
|
(6)
|
|
|
2
|
|
Income from
continuing operations before income taxes
|
|
974
|
|
|
759
|
|
|
856
|
|
|
944
|
|
|
926
|
|
|
28
|
|
|
5
|
|
Income tax
provision
|
|
353
|
|
|
272
|
|
|
306
|
|
|
337
|
|
|
331
|
|
|
30
|
|
|
7
|
|
Income from
continuing operations, net of tax
|
|
$
|
621
|
|
|
$
|
487
|
|
|
$
|
550
|
|
|
$
|
607
|
|
|
$
|
595
|
|
|
28
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q1
vs.
|
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
(Dollars in
millions) (unaudited)
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q1
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
74,131
|
|
|
$
|
77,704
|
|
|
$
|
73,143
|
|
|
$
|
71,165
|
|
|
$
|
68,275
|
|
|
(5)%
|
|
|
9%
|
|
Average loans held
for investment
|
|
74,770
|
|
|
74,026
|
|
|
71,784
|
|
|
69,376
|
|
|
69,810
|
|
|
1
|
|
|
7
|
|
Average yield on
loans held for investment(6)
|
|
14.23%
|
|
|
14.43%
|
|
|
14.46%
|
|
|
13.95%
|
|
|
14.19%
|
|
|
(20)
|
bps
|
|
4
|
bps
|
Total net revenue
margin
|
|
16.93
|
|
|
17.29
|
|
|
17.41
|
|
|
17.07
|
|
|
16.94
|
|
|
(36)
|
|
|
(1)
|
|
Net charge-off
rate
|
|
3.55
|
|
|
3.39
|
|
|
2.83
|
|
|
3.52
|
|
|
4.01
|
|
|
16
|
|
|
(46)
|
|
30+ day performing
delinquency rate
|
|
2.92
|
|
|
3.27
|
|
|
3.21
|
|
|
2.83
|
|
|
3.02
|
|
|
(35)
|
|
|
(10)
|
|
30+ day delinquency
rate
|
|
2.92
|
|
|
3.27
|
|
|
3.21
|
|
|
2.83
|
|
|
3.02
|
|
|
(35)
|
|
|
(10)
|
|
Purchase
volume(8)
|
|
$
|
52,025
|
|
|
$
|
58,234
|
|
|
$
|
53,690
|
|
|
$
|
52,653
|
|
|
$
|
44,139
|
|
|
(11)%
|
|
|
18%
|
|
International
Card
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
245
|
|
|
$
|
265
|
|
|
$
|
266
|
|
|
$
|
268
|
|
|
$
|
270
|
|
|
(8)%
|
|
|
(9)%
|
|
Non-interest
income
|
|
73
|
|
|
73
|
|
|
83
|
|
|
71
|
|
|
83
|
|
|
—
|
|
|
(12)
|
|
Total net
revenue
|
|
318
|
|
|
338
|
|
|
349
|
|
|
339
|
|
|
353
|
|
|
(6)
|
|
|
(10)
|
|
Provision for credit
losses
|
|
59
|
|
|
91
|
|
|
49
|
|
|
45
|
|
|
72
|
|
|
(35)
|
|
|
(18)
|
|
Non-interest
expense
|
|
196
|
|
|
212
|
|
|
200
|
|
|
206
|
|
|
181
|
|
|
(8)
|
|
|
8
|
|
Income from
continuing operations before income taxes
|
|
63
|
|
|
35
|
|
|
100
|
|
|
88
|
|
|
100
|
|
|
80
|
|
|
(37)
|
|
Income tax
provision
|
|
16
|
|
|
3
|
|
|
26
|
|
|
27
|
|
|
27
|
|
|
**
|
|
|
(41)
|
|
Income from
continuing operations, net of tax
|
|
$
|
47
|
|
|
$
|
32
|
|
|
$
|
74
|
|
|
$
|
61
|
|
|
$
|
73
|
|
|
47
|
|
|
(36)
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
7,623
|
|
|
$
|
8,172
|
|
|
$
|
7,488
|
|
|
$
|
7,853
|
|
|
$
|
7,575
|
|
|
(7)%
|
|
|
1%
|
|
Average loans held
for investment
|
|
7,811
|
|
|
7,714
|
|
|
7,710
|
|
|
7,621
|
|
|
7,692
|
|
|
1
|
|
|
2
|
|
Average yield on
loans held for investment(6)
|
|
14.93%
|
|
|
16.31%
|
|
|
16.42%
|
|
|
16.74%
|
|
|
16.64%
|
|
|
(138)
|
bps
|
|
(171)
|
bps
|
Total net revenue
margin
|
|
16.31
|
|
|
17.55
|
|
|
18.13
|
|
|
17.76
|
|
|
18.38
|
|
|
(124)
|
|
|
(207)
|
|
Net charge-off
rate
|
|
2.80
|
|
|
3.34
|
|
|
3.32
|
|
|
3.93
|
|
|
4.17
|
|
|
(54)
|
|
|
(137)
|
|
30+ day performing
delinquency rate
|
|
2.81
|
|
|
2.94
|
|
|
3.34
|
|
|
3.40
|
|
|
3.59
|
|
|
(13)
|
|
|
(78)
|
|
30+ day delinquency
rate
|
|
3.44
|
|
|
3.60
|
|
|
4.08
|
|
|
4.20
|
|
|
4.41
|
|
|
(16)
|
|
|
(97)
|
|
Nonperforming loan
rate(3)
|
|
0.84
|
|
|
0.86
|
|
|
0.98
|
|
|
1.03
|
|
|
1.07
|
|
|
(2)
|
|
|
(23)
|
|
Purchase
volume(8)
|
|
$
|
5,358
|
|
|
$
|
5,250
|
|
|
$
|
3,784
|
|
|
$
|
3,705
|
|
|
$
|
3,295
|
|
|
2%
|
|
|
63%
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 10:
Financial & Statistical Summary—Consumer Banking
Business(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q1
vs.
|
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
(Dollars in
millions) (unaudited)
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q1
|
Consumer
Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
1,434
|
|
|
$
|
1,459
|
|
|
$
|
1,425
|
|
|
$
|
1,431
|
|
|
$
|
1,433
|
|
|
(2)%
|
|
|
—%
|
|
Non-interest
income
|
|
158
|
|
|
185
|
|
|
179
|
|
|
170
|
|
|
150
|
|
|
(15)
|
|
|
5
|
|
Total net
revenue
|
|
1,592
|
|
|
1,644
|
|
|
1,604
|
|
|
1,601
|
|
|
1,583
|
|
|
(3)
|
|
|
1
|
|
Provision for credit
losses
|
|
206
|
|
|
222
|
|
|
198
|
|
|
143
|
|
|
140
|
|
|
(7)
|
|
|
47
|
|
Non-interest
expense
|
|
970
|
|
|
1,045
|
|
|
956
|
|
|
938
|
|
|
930
|
|
|
(7)
|
|
|
4
|
|
Income from
continuing operations before income taxes
|
|
416
|
|
|
377
|
|
|
450
|
|
|
520
|
|
|
513
|
|
|
10
|
|
|
(19)
|
|
Income tax
provision
|
|
150
|
|
|
135
|
|
|
161
|
|
|
186
|
|
|
183
|
|
|
11
|
|
|
(18)
|
|
Income from
continuing operations, net of tax
|
|
$
|
266
|
|
|
$
|
242
|
|
|
$
|
289
|
|
|
$
|
334
|
|
|
$
|
330
|
|
|
10
|
|
|
(19)
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
71,379
|
|
|
$
|
71,439
|
|
|
$
|
71,061
|
|
|
$
|
71,062
|
|
|
$
|
70,727
|
|
|
—%
|
|
|
1%
|
|
Average loans held
for investment
|
|
71,441
|
|
|
71,254
|
|
|
71,048
|
|
|
70,884
|
|
|
70,663
|
|
|
—
|
|
|
1
|
|
Average yield on
loans held for investment(6)
|
|
6.26%
|
|
|
6.45%
|
|
|
6.18%
|
|
|
6.22%
|
|
|
6.18%
|
|
|
(19)
|
bps
|
|
8
|
bps
|
Auto loan
originations
|
|
$
|
5,185
|
|
|
$
|
5,390
|
|
|
$
|
5,410
|
|
|
$
|
5,376
|
|
|
$
|
4,727
|
|
|
(4)%
|
|
|
10%
|
|
Period-end
deposits
|
|
172,502
|
|
|
168,078
|
|
|
167,624
|
|
|
169,153
|
|
|
171,529
|
|
|
3
|
|
|
1
|
|
Average
deposits
|
|
169,593
|
|
|
167,727
|
|
|
168,407
|
|
|
169,694
|
|
|
168,676
|
|
|
1
|
|
|
1
|
|
Average deposit
interest rate
|
|
0.57%
|
|
|
0.57%
|
|
|
0.58%
|
|
|
0.57%
|
|
|
0.57%
|
|
|
—
|
bps
|
|
—
|
bps
|
Core deposit
intangible amortization
|
|
$
|
22
|
|
|
$
|
24
|
|
|
$
|
26
|
|
|
$
|
28
|
|
|
$
|
30
|
|
|
(8)%
|
|
|
(27)%
|
|
Net charge-off
rate
|
|
0.89%
|
|
|
1.20%
|
|
|
1.07%
|
|
|
0.69%
|
|
|
0.84%
|
|
|
(31)
|
bps
|
|
5
|
bps
|
30+ day performing
delinquency rate
|
|
2.95
|
|
|
3.60
|
|
|
3.22
|
|
|
2.91
|
|
|
2.57
|
|
|
(65)
|
|
|
38
|
|
30+ day delinquency
rate
|
|
3.46
|
|
|
4.23
|
|
|
3.82
|
|
|
3.49
|
|
|
3.14
|
|
|
(77)
|
|
|
32
|
|
Nonperforming loan
rate(3)
|
|
0.67
|
|
|
0.77
|
|
|
0.73
|
|
|
0.75
|
|
|
0.74
|
|
|
(10)
|
|
|
(7)
|
|
Nonperforming asset
rate(4)
|
|
0.95
|
|
|
1.06
|
|
|
1.01
|
|
|
1.01
|
|
|
1.00
|
|
|
(11)
|
|
|
(5)
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 11:
Financial & Statistical Summary—Commercial Banking
Business(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q1
vs.
|
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
(Dollars in
millions) (unaudited)
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q1
|
Commercial
Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
461
|
|
|
$
|
455
|
|
|
$
|
439
|
|
|
$
|
436
|
|
|
$
|
421
|
|
|
1%
|
|
|
10%
|
|
Non-interest
income
|
|
114
|
|
|
132
|
|
|
122
|
|
|
109
|
|
|
87
|
|
|
(14)
|
|
|
31
|
|
Total net
revenue(5)
|
|
575
|
|
|
587
|
|
|
561
|
|
|
545
|
|
|
508
|
|
|
(2)
|
|
|
13
|
|
Provision for credit
losses
|
|
60
|
|
|
32
|
|
|
9
|
|
|
12
|
|
|
40
|
|
|
88
|
|
|
50
|
|
Non-interest
expense
|
|
272
|
|
|
293
|
|
|
268
|
|
|
267
|
|
|
255
|
|
|
(7)
|
|
|
7
|
|
Income from
continuing operations before income taxes
|
|
243
|
|
|
262
|
|
|
284
|
|
|
266
|
|
|
213
|
|
|
(7)
|
|
|
14
|
|
Income tax
provision
|
|
88
|
|
|
93
|
|
|
102
|
|
|
95
|
|
|
76
|
|
|
(5)
|
|
|
16
|
|
Income from
continuing operations, net of tax
|
|
$
|
155
|
|
|
$
|
169
|
|
|
$
|
182
|
|
|
$
|
171
|
|
|
$
|
137
|
|
|
(8)
|
|
|
13
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment(2)
|
|
$
|
50,741
|
|
|
$
|
50,890
|
|
|
$
|
49,788
|
|
|
$
|
48,321
|
|
|
$
|
46,230
|
|
|
—%
|
|
|
10%
|
|
Average loans held
for investment
|
|
51,070
|
|
|
50,339
|
|
|
48,766
|
|
|
46,991
|
|
|
45,435
|
|
|
1
|
|
|
12
|
|
Average yield on
loans held for investment(5)(6)
|
|
3.22%
|
|
|
3.33%
|
|
|
3.39%
|
|
|
3.50%
|
|
|
3.47%
|
|
|
(11)
|
bps
|
|
(25)
|
bps
|
Period-end
deposits
|
|
$
|
32,575
|
|
|
$
|
31,954
|
|
|
$
|
31,918
|
|
|
$
|
31,440
|
|
|
$
|
31,485
|
|
|
2%
|
|
|
3%
|
|
Average
deposits
|
|
32,845
|
|
|
32,363
|
|
|
31,772
|
|
|
31,238
|
|
|
31,627
|
|
|
1
|
|
|
4
|
|
Average deposit
interest rate
|
|
0.24%
|
|
|
0.24%
|
|
|
0.24%
|
|
|
0.24%
|
|
|
0.25%
|
|
|
—
|
bps
|
|
(1)
|
bps
|
Core deposit
intangible amortization
|
|
$
|
4
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
6
|
|
|
(20)%
|
|
|
(33)%
|
|
Net charge-off
(recovery) rate
|
|
0.02%
|
|
|
0.07%
|
|
|
(0.05)%
|
|
|
0.03%
|
|
|
0.04%
|
|
|
(5)
|
bps
|
|
(2)
|
bps
|
Nonperforming loan
rate(3)
|
|
0.31
|
|
|
0.34
|
|
|
0.32
|
|
|
0.38
|
|
|
0.33
|
|
|
(3)
|
|
|
(2)
|
|
Nonperforming asset
rate(4)
|
|
0.31
|
|
|
0.36
|
|
|
0.35
|
|
|
0.41
|
|
|
0.36
|
|
|
(5)
|
|
|
(5)
|
|
Risk
category:(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncriticized
|
|
$
|
48,938
|
|
|
$
|
49,284
|
|
|
$
|
48,408
|
|
|
$
|
46,881
|
|
|
$
|
45,103
|
|
|
(1)%
|
|
|
9%
|
|
Criticized
performing
|
|
1,645
|
|
|
1,431
|
|
|
1,219
|
|
|
1,259
|
|
|
977
|
|
|
15
|
|
|
68
|
|
Criticized
nonperforming
|
|
158
|
|
|
175
|
|
|
161
|
|
|
181
|
|
|
150
|
|
|
(10)
|
|
|
5
|
|
Total commercial
loans
|
|
$
|
50,741
|
|
|
$
|
50,890
|
|
|
$
|
49,788
|
|
|
$
|
48,321
|
|
|
$
|
46,230
|
|
|
—
|
|
|
10
|
|
Risk category as a
percentage of period-end commercial loans held for
investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncriticized
|
|
96.5%
|
|
|
96.9%
|
|
|
97.3%
|
|
|
97.0%
|
|
|
97.5%
|
|
|
(40)
|
bps
|
|
(100)
|
bps
|
Criticized
performing
|
|
3.2
|
|
|
2.8
|
|
|
2.4
|
|
|
2.6
|
|
|
2.2
|
|
|
40
|
|
|
100
|
|
Criticized
nonperforming
|
|
0.3
|
|
|
0.3
|
|
|
0.3
|
|
|
0.4
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
Total commercial
loans
|
|
100.0%
|
|
|
100.0%
|
|
|
100.0%
|
|
|
100.0%
|
|
|
100.0%
|
|
|
—
|
|
|
—
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 12:
Financial & Statistical Summary—Other and
Total(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q1
vs.
|
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
(Dollars in
millions) (unaudited)
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q1
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(expense)
|
|
$
|
15
|
|
|
$
|
45
|
|
|
$
|
6
|
|
|
$
|
(13)
|
|
|
$
|
(29)
|
|
|
(67)%
|
|
|
**
|
Non-interest
income
|
|
(17)
|
|
|
(1)
|
|
|
(5)
|
|
|
35
|
|
|
(2)
|
|
|
**
|
|
**
|
Total net (loss)
revenue(5)
|
|
$
|
(2)
|
|
|
44
|
|
|
1
|
|
|
22
|
|
|
(31)
|
|
|
**
|
|
(94)%
|
|
Benefit for credit
losses
|
|
—
|
|
|
(1)
|
|
|
(1)
|
|
|
—
|
|
|
(3)
|
|
|
**
|
|
**
|
Non-interest
expense
|
|
31
|
|
|
58
|
|
|
31
|
|
|
55
|
|
|
21
|
|
|
(47)
|
|
|
48
|
|
Loss from continuing
operations before income taxes
|
|
(33)
|
|
|
(13)
|
|
|
(29)
|
|
|
(33)
|
|
|
(49)
|
|
|
154
|
|
|
(33)
|
|
Income tax
benefit
|
|
(78)
|
|
|
(53)
|
|
|
(59)
|
|
|
(64)
|
|
|
(38)
|
|
|
47
|
|
|
105
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
45
|
|
|
$
|
40
|
|
|
$
|
30
|
|
|
$
|
31
|
|
|
$
|
(11)
|
|
|
13
|
|
|
**
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
104
|
|
|
$
|
111
|
|
|
$
|
112
|
|
|
$
|
127
|
|
|
$
|
134
|
|
|
(6)%
|
|
|
(22)%
|
|
Average loans held
for investment
|
|
102
|
|
|
103
|
|
|
114
|
|
|
124
|
|
|
122
|
|
|
(1)
|
|
|
(16)
|
|
Period-end
deposits
|
|
5,363
|
|
|
5,516
|
|
|
4,722
|
|
|
5,297
|
|
|
5,310
|
|
|
(3)
|
|
|
1
|
|
Average
deposits
|
|
5,413
|
|
|
5,265
|
|
|
5,020
|
|
|
5,383
|
|
|
5,539
|
|
|
3
|
|
|
(2)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
4,576
|
|
|
$
|
4,656
|
|
|
$
|
4,497
|
|
|
$
|
4,315
|
|
|
$
|
4,350
|
|
|
(2)%
|
|
|
5%
|
|
Non-interest
income
|
|
1,071
|
|
|
1,157
|
|
|
1,142
|
|
|
1,153
|
|
|
1,020
|
|
|
(7)
|
|
|
5
|
|
Total net
revenue
|
|
5,647
|
|
|
5,813
|
|
|
5,639
|
|
|
5,468
|
|
|
5,370
|
|
|
(3)
|
|
|
5
|
|
Provision for credit
losses
|
|
935
|
|
|
1,109
|
|
|
993
|
|
|
704
|
|
|
735
|
|
|
(16)
|
|
|
27
|
|
Non-interest
expense
|
|
3,049
|
|
|
3,284
|
|
|
2,985
|
|
|
2,979
|
|
|
2,932
|
|
|
(7)
|
|
|
4
|
|
Income from
continuing operations before income taxes
|
|
1,663
|
|
|
1,420
|
|
|
1,661
|
|
|
1,785
|
|
|
1,703
|
|
|
17
|
|
|
(2)
|
|
Income tax
provision
|
|
529
|
|
|
450
|
|
|
536
|
|
|
581
|
|
|
579
|
|
|
18
|
|
|
(9)
|
|
Income from
continuing operations, net of tax
|
|
$
|
1,134
|
|
|
$
|
970
|
|
|
$
|
1,125
|
|
|
$
|
1,204
|
|
|
$
|
1,124
|
|
|
17
|
|
|
1
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment(2)
|
|
$
|
203,978
|
|
|
$
|
208,316
|
|
|
$
|
201,592
|
|
|
$
|
198,528
|
|
|
$
|
192,941
|
|
|
(2)%
|
|
|
6%
|
|
Average loans held
for investment
|
|
205,194
|
|
|
203,436
|
|
|
199,422
|
|
|
194,996
|
|
|
193,722
|
|
|
1
|
|
|
6
|
|
Period-end
deposits
|
|
210,440
|
|
|
205,548
|
|
|
204,264
|
|
|
205,890
|
|
|
208,324
|
|
|
2
|
|
|
1
|
|
Average
deposits
|
|
207,851
|
|
|
205,355
|
|
|
205,199
|
|
|
206,315
|
|
|
205,842
|
|
|
1
|
|
|
1
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 13: Notes to
Loan and Business Segments Disclosures (Tables 7—12)
|
|
|
**
|
Not
meaningful.
|
|
|
(1)
|
Certain prior period
amounts have been recast to conform to the current period
presentation.
|
|
|
(2)
|
Includes $3.6 billion
and $3.7 billion of loans to the oil and gas industry as of
March 31, 2015 and December 31, 2014, respectively,
representing approximately 1.8% of total loans held for investment
for both periods.
|
|
|
(3)
|
The nonperforming
loan ratios are calculated based on nonperforming loans for each
category divided by period-end total loans held for
investments.
|
|
|
(4)
|
Nonperforming assets
consist of nonperforming loans, real estate owned ("REO") and other
foreclosed assets. The nonperforming asset ratios 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. Calculation
of nonperforming assets ratios for Consumer and Commercial Banking
business are adjusted to exclude the impact of acquired
loans.
|
|
|
(5)
|
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% with offsetting reclassifications within Other
category.
|
|
|
(6)
|
Calculated by
dividing annualized interest income for the period by average loans
held for investment during the period for the specified loan
category. Annualized interest income excludes various allocations
including funds transfer pricing that assigns certain balance sheet
assets, deposits and other liabilities and their related revenue
and expenses attributable to each business segment.
|
|
|
(7)
|
Represents the net
reduction in interest income attributable to non-SOP 03-3 card loan
premium amortization and other intangible accretion associated with
the May 2012 transaction in which we acquired substantially all of
HSBC's credit card and private-label credit card business in the
United States.
|
|
|
(8)
|
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.
|
|
|
(9)
|
Criticized exposures
correspond to the "Special Mention," "Substandard" and "Doubtful"
asset categories defined by bank regulatory authorities.
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 14:
Reconciliation of Non-GAAP Measures and Calculation of Regulatory
Capital Measures(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basel III
Standardized
|
(Dollars in
millions) (unaudited)
|
|
March 31,
2015
|
|
December 31,
2014
|
|
September 30,
2014
|
|
June 30,
2014
|
|
March 31,
2014
|
Regulatory Capital
Metrics
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1
capital
|
|
$
|
29,671
|
|
|
$
|
29,534
|
|
|
$
|
29,116
|
|
|
$
|
28,774
|
|
|
$
|
28,434
|
|
Tier 1
capital
|
|
31,493
|
|
|
31,355
|
|
|
30,451
|
|
|
30,111
|
|
|
29,257
|
|
Total risk-based
capital(2)
|
|
35,880
|
|
|
35,879
|
|
|
34,860
|
|
|
34,743
|
|
|
33,784
|
|
Risk-weighted
assets(3)
|
|
238,197
|
|
|
236,944
|
|
|
228,759
|
|
|
226,172
|
|
|
219,047
|
|
Average assets for
the leverage ratio
|
|
295,556
|
|
|
291,243
|
|
|
286,070
|
|
|
281,345
|
|
|
280,907
|
|
Capital
Ratios
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1
capital ratio(5)
|
|
12.5%
|
|
|
12.5%
|
|
|
12.7%
|
|
|
12.7%
|
|
|
13.0%
|
|
Tier 1 risk-based
capital ratio(6)
|
|
13.2
|
|
|
13.2
|
|
|
13.3
|
|
|
13.3
|
|
|
13.4
|
|
Total risk-based
capital ratio(7)
|
|
15.1
|
|
|
15.1
|
|
|
15.2
|
|
|
15.4
|
|
|
15.4
|
|
Tier 1 leverage
ratio(8)
|
|
10.7
|
|
|
10.8
|
|
|
10.6
|
|
|
10.7
|
|
|
10.4
|
|
Tangible common
equity ("TCE") ratio(9)
|
|
9.8
|
|
|
9.5
|
|
|
9.6
|
|
|
9.5
|
|
|
9.6
|
|
Reconciliation of
Non-GAAP 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") and tangible assets. The tables below provide the
details of the calculation of our non-GAAP capital measures and
regulatory capital. 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
(Dollars in
millions) (unaudited)
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
Tangible Common
Equity (Average)
|
|
|
|
|
|
|
|
|
|
|
Average stockholders'
equity
|
|
$
|
46,397
|
|
|
$
|
45,576
|
|
|
$
|
44,827
|
|
|
$
|
43,767
|
|
|
$
|
42,859
|
|
Average goodwill and
intangible assets(10)
|
|
(15,339)
|
|
|
(15,437)
|
|
|
(15,525)
|
|
|
(15,615)
|
|
|
(15,727)
|
|
Noncumulative
perpetual preferred stock(11)
|
|
(1,822)
|
|
|
(1,681)
|
|
|
(1,338)
|
|
|
(970)
|
|
|
(853)
|
|
Average tangible
common equity
|
|
$
|
29,236
|
|
|
$
|
28,458
|
|
|
$
|
27,964
|
|
|
$
|
27,182
|
|
|
$
|
26,279
|
|
Tangible Common
Equity (Period End)
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
$
|
45,730
|
|
|
$
|
45,053
|
|
|
$
|
44,018
|
|
|
$
|
43,815
|
|
|
$
|
42,801
|
|
Goodwill and
intangible assets(10)
|
|
(15,307)
|
|
|
(15,383)
|
|
|
(15,472)
|
|
|
(15,564)
|
|
|
(15,666)
|
|
Noncumulative
perpetual preferred stock(11)
|
|
(1,822)
|
|
|
(1,822)
|
|
|
(1,336)
|
|
|
(1,338)
|
|
|
(853)
|
|
Tangible common
equity
|
|
$
|
28,601
|
|
|
$
|
27,848
|
|
|
$
|
27,210
|
|
|
$
|
26,913
|
|
|
$
|
26,282
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
(Dollars in
millions) (unaudited)
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
Tangible Assets
(Average)
|
|
|
|
|
|
|
|
|
|
|
Average total
assets(4)
|
|
$
|
309,401
|
|
|
$
|
304,153
|
|
|
$
|
298,913
|
|
|
$
|
294,089
|
|
|
$
|
293,551
|
|
Average goodwill and
intangible assets(10)
|
|
(15,339)
|
|
|
(15,437)
|
|
|
(15,525)
|
|
|
(15,615)
|
|
|
(15,727)
|
|
Average tangible
assets(4)
|
|
$
|
294,062
|
|
|
$
|
288,716
|
|
|
$
|
283,388
|
|
|
$
|
278,474
|
|
|
$
|
277,824
|
|
Tangible Assets
(Period End)
|
|
|
|
|
|
|
|
|
|
|
Total
assets(4)
|
|
$
|
306,224
|
|
|
$
|
308,167
|
|
|
$
|
299,640
|
|
|
$
|
297,434
|
|
|
$
|
289,814
|
|
Goodwill and
intangible assets(10)
|
|
(15,307)
|
|
|
(15,383)
|
|
|
(15,472)
|
|
|
(15,564)
|
|
|
(15,666)
|
|
Tangible
assets(4)
|
|
$
|
290,917
|
|
|
$
|
292,784
|
|
|
$
|
284,168
|
|
|
$
|
281,870
|
|
|
$
|
274,148
|
|
Common Equity Tier
1 Capital Ratio Under Basel III Standardized
Approach
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions) (unaudited)
|
|
March 31,
2015
|
|
December 31,
2014
|
|
September 30,
2014
|
|
June 30,
2014
|
|
March 31,
2014
|
Common equity
excluding AOCI
|
|
$
|
44,120
|
|
|
$
|
43,661
|
|
|
$
|
43,241
|
|
|
$
|
42,848
|
|
|
$
|
42,658
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
AOCI(12)(13)
|
|
(26)
|
|
|
(69)
|
|
|
(146)
|
|
|
6
|
|
|
(182)
|
|
Goodwill(10)
|
|
(13,801)
|
|
|
(13,805)
|
|
|
(13,801)
|
|
|
(13,811)
|
|
|
(13,811)
|
|
Intangible
assets(10)(13)
|
|
(450)
|
|
|
(243)
|
|
|
(266)
|
|
|
(289)
|
|
|
(314)
|
|
Other
|
|
(172)
|
|
|
(10)
|
|
|
88
|
|
|
20
|
|
|
83
|
|
Common equity Tier 1
capital
|
|
$
|
29,671
|
|
|
$
|
29,534
|
|
|
$
|
29,116
|
|
|
$
|
28,774
|
|
|
$
|
28,434
|
|
Risk-weighted
assets(3)
|
|
$
|
238,197
|
|
|
$
|
236,944
|
|
|
$
|
228,759
|
|
|
$
|
226,172
|
|
|
$
|
219,047
|
|
Common equity Tier 1
capital ratio(5)
|
|
12.5%
|
|
|
12.5%
|
|
|
12.7%
|
|
|
12.7%
|
|
|
13.0%
|
|
__________
|
|
|
(1)
|
Regulatory capital
metrics and capital ratios as of the end of Q1 2015 are preliminary
and therefore subject to change.
|
|
|
(2)
|
Total risk-based
capital equals the sum of Tier 1 capital and Tier 2
capital.
|
|
|
(3)
|
As of January 1,
2015, risk-weighted assets are calculated under the Basel III
Standardized Approach, subject to transition provisions. Prior to
January 1, 2015 risk-weighted assets were calculated under Basel
I.
|
|
|
(4)
|
As of January 1,
2015, we changed our accounting principle for presenting eligible
derivative assets and liabilities, as well as the related interest
receivables and payables, from a gross basis of presentation to a
net basis. Prior period average assets and average tangible assets
have been recast to conform to this presentation. Prior period
regulatory ratios have not been recast.
|
|
|
(5)
|
Common equity Tier 1
capital ratio is a regulatory measure calculated based on Common
equity Tier 1 capital divided by risk-weighted assets.
|
|
|
(6)
|
Tier 1 risk-based
capital ratio is a regulatory capital measure calculated based on
Tier 1 capital divided by risk-weighted assets.
|
|
|
(7)
|
Total risk-based
capital ratio is a regulatory capital measure calculated based on
Total risk-based capital divided by risk-weighted
assets.
|
|
|
(8)
|
Tier 1 leverage ratio
is a regulatory capital measure calculated based on Tier 1 capital
divided by average assets, after certain adjustments.
|
|
|
(9)
|
TCE ratio is a
non-GAAP measure calculated based on TCE divided by tangible
assets.
|
|
|
(10)
|
Includes impact of
related deferred taxes.
|
|
|
(11)
|
Includes related
surplus.
|
|
|
(12)
|
Amounts presented are
net of tax.
|
|
|
(13)
|
Amounts based on
transition provisions for regulatory capital deductions and
adjustments of 20% for 2014 and 40% in 2015.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/capital-one-reports-first-quarter-2015-net-income-of-12-billion-or-200-per-share-300071373.html
SOURCE Capital One Financial Corporation