MCLEAN, Va., July 23, 2015 /PRNewswire/ -- Capital One
Financial Corporation (NYSE: COF) today announced net income for
the second quarter of 2015 of $863
million, or $1.50 per diluted
common share, compared to the first quarter of 2015 with net income
of $1.2 billion, or $2.00 per diluted common share, and the second
quarter of 2014 with net income of $1.2
billion, or $2.04 per diluted
common share. Net income for the second quarter of 2015, adjusted
for the impact of restructuring charges of $147 million and a build in the U.K. PPI reserve
of $78 million, was $1.0 billion or $1.78 per diluted common share.
"Capital One continues to deliver attractive risk-adjusted
returns today and invest to sustain growth and returns over the
long term," said Richard D.
Fairbank, Chair and Chief Executive Officer. "We remain
compelled by the opportunity, need, and urgency of digital
transformation, and we continue to see growth opportunities across
our businesses, particularly in Domestic Card. Capital One is well
positioned to sustain attractive shareholder returns over the long
term."
All comparisons below are for the second quarter of 2015
compared with the first quarter of 2015 unless otherwise noted.
Second Quarter 2015 Income Statement Summary:
- Total net revenue remained flat at $5.7
billion, including ($37)
million of contra-revenue from a build in the U.K. PPI
reserve.
- Total non-interest expense increased 8 percent to $3.3 billion:
- 3 percent increase in marketing.
- 10 percent increase in operating expense, including
$147 million in restructuring charges
and a build of $41 million in the
U.K. PPI reserve.
- Pre-provision earnings decreased 9 percent to $2.4 billion.
- Provision for credit losses increased 21 percent to
$1.1 billion.
- Mortgage representation & warranty benefit of $36 million, including $27
million ($17 million net of
tax) in discontinued operations.
- Efficiency ratio of 58.30 percent; Efficiency ratio excluding
restructuring charges and a build in the U.K. PPI reserve of 54.63
percent.
Second Quarter 2015 Balance Sheet Summary:
- Common equity Tier 1 capital ratio under Basel III Standardized
Approach of 12.1 percent at June 30,
2015.
- Net interest margin of 6.56 percent, down 1 basis points;
Net interest margin excluding the contra-revenue impact
of the build in the U.K. PPI reserve of 6.58 percent.
- Period-end loans held for investment in the quarter increased
$5.7 billion, or 3 percent, to
$209.7 billion.
- Domestic Card period-end loans increased $4.9 billion, or 7 percent, to $79.0 billion.
- Consumer Banking period-end loans decreased $203 million, or less than 1 percent, to
$71.2 billion:
- Auto period-end loans increased $1.1
billion, or 3 percent, to $40.0
billion.
- Home loans period-end loans decreased $1.3 billion, or 5 percent, to $27.6 billion, driven by run-off of acquired
portfolios.
- Commercial Banking period-end loans increased $490 million, or less than 1 percent, to
$51.2 billion.
- Average loans held for investment in the quarter increased
$1.1 billion, or less than 1 percent,
to $206.3 billion.
- Domestic Card average loans increased $1.2 billion, or 2 percent, to $75.9 billion.
- Consumer Banking average loans decreased $74 million, or less than 1 percent, to
$71.4 billion:
- Auto average loans increased $1.2
billion, or 3 percent, to $39.5
billion.
- Home loans average loans decreased by $1.2 billion, or 4 percent, to $28.3 billion, driven by run-off of acquired
portfolios.
- Commercial Banking average loans decreased $94 million, or less than 1 percent, to
$51.0 billion.
- Period-end total deposits decreased $1.7
billion, or less than 1 percent, to $208.8 billion, while average deposits increased
$1.3 billion to $209.1 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
July 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 August 3,
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 $208.8
billion in deposits and $310.5
billion in total assets as of June
30, 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
Second
Quarter 2015(1)
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
|
10
|
|
Table 7:
|
Loan Information and Performance
Statistics
|
11
|
Business Segment Results
|
|
|
Table 8:
|
Financial Summary—Business Segment
Results
|
13
|
|
Table 9:
|
Financial & Statistical Summary—Credit Card
Business
|
14
|
|
Table 10:
|
Financial & Statistical Summary—Consumer
Banking Business
|
16
|
|
Table 11:
|
Financial & Statistical Summary—Commercial
Banking Business
|
17
|
|
Table 12:
|
Financial & Statistical Summary—Other and
Total
|
18
|
|
Table 13:
|
Notes to Loan and Business Segments Disclosures
(Tables 7—12)
|
19
|
Other
|
|
|
Table 14:
|
Reconciliation of Non-GAAP Measures and
Calculation of Regulatory Capital 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
Quarterly Report on Form 10-Q for the period ended June 30,
2015 once it is filed with the Securities and Exchange
Commission.
|
|
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 1: Financial
Summary—Consolidated(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q2 vs.
|
|
Six Months Ended June 30,
|
(Dollars in millions, except per share data and as
noted) (unaudited)
|
|
2015 Q2
|
|
2015 Q1
|
|
2014 Q4
|
|
2014 Q3
|
|
2014 Q2
|
|
2015 Q1
|
|
2014 Q2
|
|
2015
|
|
2014
|
|
2015 vs. 2014
|
Income Statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$
|
4,537
|
|
|
$
|
4,576
|
|
|
$
|
4,656
|
|
|
$
|
4,497
|
|
|
$
|
4,315
|
|
|
(1)%
|
|
|
5%
|
|
$
|
9,113
|
|
|
$
|
8,665
|
|
|
5%
|
Non-interest income(2)
|
|
1,135
|
|
|
1,071
|
|
|
1,157
|
|
|
1,142
|
|
|
1,153
|
|
|
6
|
|
|
(2)
|
|
2,206
|
|
|
2,173
|
|
|
2
|
Total net revenue(3)
|
|
5,672
|
|
|
5,647
|
|
|
5,813
|
|
|
5,639
|
|
|
5,468
|
|
|
—
|
|
|
4
|
|
11,319
|
|
|
10,838
|
|
|
4
|
Provision for credit losses
|
|
1,129
|
|
|
935
|
|
|
1,109
|
|
|
993
|
|
|
704
|
|
|
21
|
|
|
60
|
|
2,064
|
|
|
1,439
|
|
|
43
|
Non-interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing
|
|
387
|
|
|
375
|
|
|
509
|
|
|
392
|
|
|
335
|
|
|
3
|
|
|
16
|
|
762
|
|
|
660
|
|
|
15
|
Amortization of
intangibles
|
|
111
|
|
|
110
|
|
|
123
|
|
|
130
|
|
|
136
|
|
|
1
|
|
|
(18)
|
|
221
|
|
|
279
|
|
|
(21)
|
Operating
expenses(4)
|
|
2,809
|
|
|
2,564
|
|
|
2,652
|
|
|
2,463
|
|
|
2,508
|
|
|
10
|
|
|
12
|
|
5,373
|
|
|
4,972
|
|
|
8
|
Total non-interest expense
|
|
3,307
|
|
|
3,049
|
|
|
3,284
|
|
|
2,985
|
|
|
2,979
|
|
|
8
|
|
|
11
|
|
6,356
|
|
|
5,911
|
|
|
8
|
Income from continuing operations before income
taxes
|
|
1,236
|
|
|
1,663
|
|
|
1,420
|
|
|
1,661
|
|
|
1,785
|
|
|
(26)
|
|
|
(31)
|
|
2,899
|
|
|
3,488
|
|
|
(17)
|
Income tax provision
|
|
384
|
|
|
529
|
|
|
450
|
|
|
536
|
|
|
581
|
|
|
(27)
|
|
|
(34)
|
|
913
|
|
|
1,160
|
|
|
(21)
|
Income from continuing operations, net of
tax
|
|
852
|
|
|
1,134
|
|
|
970
|
|
|
1,125
|
|
|
1,204
|
|
|
(25)
|
|
|
(29)
|
|
1,986
|
|
|
2,328
|
|
|
(15)
|
Income (loss) from discontinued operations, net of
tax(2)
|
|
11
|
|
|
19
|
|
|
29
|
|
|
(44)
|
|
|
(10)
|
|
|
(42)
|
|
|
**
|
|
30
|
|
|
20
|
|
|
50
|
Net income
|
|
863
|
|
|
1,153
|
|
|
999
|
|
|
1,081
|
|
|
1,194
|
|
|
(25)
|
|
|
(28)
|
|
2,016
|
|
|
2,348
|
|
|
(14)
|
Dividends and undistributed earnings allocated to
participating securities(5)
|
|
(4)
|
|
|
(6)
|
|
|
(4)
|
|
|
(5)
|
|
|
(4)
|
|
|
(33)
|
|
|
—
|
|
(10)
|
|
|
(9)
|
|
|
11
|
Preferred stock
dividends(5)
|
|
(29)
|
|
|
(32)
|
|
|
(21)
|
|
|
(20)
|
|
|
(13)
|
|
|
(9)
|
|
|
123
|
|
(61)
|
|
|
(26)
|
|
|
135
|
Net income available to common
stockholders
|
|
$
|
830
|
|
|
$
|
1,115
|
|
|
$
|
974
|
|
|
$
|
1,056
|
|
|
$
|
1,177
|
|
|
(26)
|
|
|
(29)
|
|
$
|
1,945
|
|
|
$
|
2,313
|
|
|
(16)
|
Common Share Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share:(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
|
1.50
|
|
|
$
|
2.00
|
|
|
$
|
1.71
|
|
|
$
|
1.97
|
|
|
$
|
2.09
|
|
|
(25)%
|
|
|
(28)%
|
|
$
|
3.49
|
|
|
$
|
4.03
|
|
|
(13)%
|
Income (loss) from
discontinued operations
|
|
0.02
|
|
|
0.03
|
|
|
0.05
|
|
|
(0.08)
|
|
|
(0.02)
|
|
|
(33)
|
|
|
**
|
|
0.06
|
|
|
0.03
|
|
|
100
|
Net income per basic
common share
|
|
$
|
1.52
|
|
|
$
|
2.03
|
|
|
$
|
1.76
|
|
|
$
|
1.89
|
|
|
$
|
2.07
|
|
|
(25)
|
|
|
(27)
|
|
$
|
3.55
|
|
|
$
|
4.06
|
|
|
(13)
|
Diluted earnings per common
share:(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
|
1.48
|
|
|
$
|
1.97
|
|
|
$
|
1.68
|
|
|
$
|
1.94
|
|
|
$
|
2.06
|
|
|
(25)
|
|
|
(28)
|
|
$
|
3.45
|
|
|
$
|
3.97
|
|
|
(13)
|
Income (loss) from
discontinued operations
|
|
0.02
|
|
|
0.03
|
|
|
0.05
|
|
|
(0.08)
|
|
|
(0.02)
|
|
|
(33)
|
|
|
**
|
|
0.06
|
|
|
0.03
|
|
|
100
|
Net income per diluted
common share(6)
|
|
$
|
1.50
|
|
|
$
|
2.00
|
|
|
$
|
1.73
|
|
|
$
|
1.86
|
|
|
$
|
2.04
|
|
|
(25)
|
|
|
(26)
|
|
$
|
3.51
|
|
|
$
|
4.00
|
|
|
(12)
|
Weighted-average common shares outstanding (in
millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
545.6
|
|
|
550.2
|
|
|
554.3
|
|
|
559.9
|
|
|
567.5
|
|
|
(1)
|
|
|
(4)
|
|
548.0
|
|
|
569.2
|
|
|
(4)
|
Diluted
|
|
552.0
|
|
|
557.2
|
|
|
561.8
|
|
|
567.9
|
|
|
577.6
|
|
|
(1)
|
|
|
(4)
|
|
554.7
|
|
|
578.9
|
|
|
(4)
|
Common shares outstanding (period end, in
millions)
|
|
542.5
|
|
|
548.0
|
|
|
553.4
|
|
|
558.5
|
|
|
561.8
|
|
|
(1)
|
|
|
(3)
|
|
542.5
|
|
|
561.8
|
|
|
(3)
|
Dividends paid per common share
|
|
$
|
0.40
|
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
33
|
|
|
33
|
|
$
|
0.70
|
|
|
$
|
0.60
|
|
|
17
|
Tangible book value per common share (period
end)(7)
|
|
52.74
|
|
|
52.19
|
|
|
50.32
|
|
|
48.72
|
|
|
47.90
|
|
|
1
|
|
|
10
|
|
52.74
|
|
|
47.90
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q2 vs.
|
|
Six Months Ended June 30,
|
(Dollars in millions)
(unaudited)
|
|
2015 Q2
|
|
2015 Q1
|
|
2014 Q4
|
|
2014 Q3
|
|
2014 Q2
|
|
2015 Q1
|
|
2014 Q2
|
|
2015
|
|
2014
|
|
2015 vs. 2014
|
Balance Sheet (Period End)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
investment(8)
|
|
$
|
209,705
|
|
|
$
|
203,978
|
|
|
$
|
208,316
|
|
|
$
|
201,592
|
|
|
$
|
198,528
|
|
|
3%
|
|
|
6%
|
|
$
|
209,705
|
|
|
$
|
198,528
|
|
|
6%
|
Interest-earning assets
|
|
280,137
|
|
|
275,837
|
|
|
277,849
|
|
|
270,001
|
|
|
266,720
|
|
|
2
|
|
|
5
|
|
280,137
|
|
|
266,720
|
|
|
5
|
Total assets
|
|
310,510
|
|
|
306,224
|
|
|
308,167
|
|
|
299,640
|
|
|
297,434
|
|
|
1
|
|
|
4
|
|
310,510
|
|
|
297,434
|
|
|
4
|
Interest-bearing deposits
|
|
183,657
|
|
|
185,208
|
|
|
180,467
|
|
|
178,876
|
|
|
180,970
|
|
|
(1)
|
|
|
1
|
|
183,657
|
|
|
180,970
|
|
|
1
|
Total deposits
|
|
208,780
|
|
|
210,440
|
|
|
205,548
|
|
|
204,264
|
|
|
205,890
|
|
|
(1)
|
|
|
1
|
|
208,780
|
|
|
205,890
|
|
|
1
|
Borrowings
|
|
45,766
|
|
|
41,029
|
|
|
48,457
|
|
|
42,243
|
|
|
39,114
|
|
|
12
|
|
|
17
|
|
45,766
|
|
|
39,114
|
|
|
17
|
Common equity
|
|
43,849
|
|
|
43,908
|
|
|
43,231
|
|
|
42,682
|
|
|
42,477
|
|
|
—
|
|
|
3
|
|
43,849
|
|
|
42,477
|
|
|
3
|
Total stockholders' equity
|
|
46,659
|
|
|
45,730
|
|
|
45,053
|
|
|
44,018
|
|
|
43,815
|
|
|
2
|
|
|
6
|
|
46,659
|
|
|
43,815
|
|
|
6
|
Balance Sheet (Average
Balances)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
investment(8)
|
|
$
|
206,337
|
|
|
$
|
205,194
|
|
|
$
|
203,436
|
|
|
$
|
199,422
|
|
|
$
|
194,996
|
|
|
1%
|
|
|
6%
|
|
$
|
205,768
|
|
|
$
|
194,362
|
|
|
6%
|
Interest-earning assets
|
|
276,585
|
|
|
278,427
|
|
|
273,436
|
|
|
268,890
|
|
|
263,570
|
|
|
(1)
|
|
|
5
|
|
277,501
|
|
|
263,119
|
|
|
5
|
Total assets
|
|
307,206
|
|
|
309,401
|
|
|
304,153
|
|
|
298,913
|
|
|
294,089
|
|
|
(1)
|
|
|
4
|
|
308,295
|
|
|
293,798
|
|
|
5
|
Interest-bearing deposits
|
|
183,946
|
|
|
182,998
|
|
|
179,401
|
|
|
179,928
|
|
|
182,053
|
|
|
1
|
|
|
1
|
|
183,475
|
|
|
182,431
|
|
|
1
|
Total deposits
|
|
209,143
|
|
|
207,851
|
|
|
205,355
|
|
|
205,199
|
|
|
206,315
|
|
|
1
|
|
|
1
|
|
208,501
|
|
|
206,080
|
|
|
1
|
Borrowings
|
|
41,650
|
|
|
46,082
|
|
|
43,479
|
|
|
40,314
|
|
|
35,658
|
|
|
(10)
|
|
|
17
|
|
43,854
|
|
|
35,817
|
|
|
22
|
Common equity
|
|
44,878
|
|
|
44,575
|
|
|
43,895
|
|
|
43,489
|
|
|
42,797
|
|
|
1
|
|
|
5
|
|
44,727
|
|
|
42,408
|
|
|
5
|
Total stockholders' equity
|
|
47,255
|
|
|
46,397
|
|
|
45,576
|
|
|
44,827
|
|
|
43,767
|
|
|
2
|
|
|
8
|
|
46,828
|
|
|
43,320
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 2: Selected
Metrics—Consolidated(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q2 vs.
|
|
Six Months Ended June 30,
|
(Dollars in millions except as noted)
(unaudited)
|
|
2015 Q2
|
|
2015 Q1
|
|
2014 Q4
|
|
2014 Q3
|
|
2014 Q2
|
|
2015 Q1
|
|
2014 Q2
|
|
2015
|
|
2014
|
|
2015 vs. 2014
|
Performance Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income growth (quarter over
quarter)
|
|
(1)%
|
|
|
(2)%
|
|
|
4%
|
|
|
4%
|
|
|
(1)%
|
|
|
**
|
|
|
**
|
|
|
5%
|
|
|
(5)%
|
|
|
**
|
|
Non-interest income growth (quarter over
quarter)
|
|
6
|
|
|
(7)
|
|
|
1
|
|
|
(1)
|
|
|
13
|
|
|
**
|
|
|
**
|
|
|
2
|
|
|
5
|
|
|
**
|
|
Total net revenue growth (quarter over
quarter)
|
|
—
|
|
|
(3)
|
|
|
3
|
|
|
3
|
|
|
2
|
|
|
**
|
|
|
**
|
|
|
4
|
|
|
(3)
|
|
|
**
|
|
Total net revenue
margin(9)
|
|
8.20
|
|
|
8.11
|
|
|
8.50
|
|
|
8.39
|
|
|
8.30
|
|
|
9
|
bps
|
|
(10)
|
bps
|
|
8.16
|
|
|
8.24
|
|
|
(8)
|
bps
|
Net interest margin(10)
|
|
6.56
|
|
|
6.57
|
|
|
6.81
|
|
|
6.69
|
|
|
6.55
|
|
|
(1)
|
|
|
1
|
|
|
6.57
|
|
|
6.59
|
|
|
(2)
|
|
Return on average assets
|
|
1.11
|
|
|
1.47
|
|
|
1.28
|
|
|
1.51
|
|
|
1.64
|
|
|
(36)
|
|
|
(53)
|
|
|
1.29
|
|
|
1.58
|
|
|
(29)
|
|
Return on average tangible
assets(11)
|
|
1.17
|
|
|
1.54
|
|
|
1.34
|
|
|
1.59
|
|
|
1.73
|
|
|
(37)
|
|
|
(56)
|
|
|
1.36
|
|
|
1.67
|
|
|
(31)
|
|
Return on average common
equity(12)
|
|
7.30
|
|
|
9.84
|
|
|
8.61
|
|
|
10.12
|
|
|
11.09
|
|
|
(254)
|
|
|
(379)
|
|
|
8.56
|
|
|
10.81
|
|
|
(225)
|
|
Return on average tangible common
equity(13)
|
|
11.06
|
|
|
15.00
|
|
|
13.28
|
|
|
15.73
|
|
|
17.47
|
|
|
(394)
|
|
|
(641)
|
|
|
13.01
|
|
|
17.15
|
|
|
(414)
|
|
Non-interest expense as a percentage of average loans
held for investment
|
|
6.41
|
|
|
5.94
|
|
|
6.46
|
|
|
5.99
|
|
|
6.11
|
|
|
47
|
|
|
30
|
|
|
6.18
|
|
|
6.08
|
|
|
10
|
|
Efficiency ratio(14)
|
|
58.30
|
|
|
53.99
|
|
|
56.49
|
|
|
52.93
|
|
|
54.48
|
|
|
431
|
|
|
382
|
|
|
56.15
|
|
|
54.54
|
|
|
161
|
|
Effective income tax rate for continuing
operations
|
|
31.1
|
|
|
31.8
|
|
|
31.7
|
|
|
32.3
|
|
|
32.5
|
|
|
(70)
|
|
|
(140)
|
|
|
31.5
|
|
|
33.3
|
|
|
(180)
|
|
Employees (in thousands), period
end
|
|
47.5
|
|
|
47.0
|
|
|
46.0
|
|
|
44.9
|
|
|
44.6
|
|
|
1%
|
|
|
7%
|
|
|
47.5
|
|
|
44.6
|
|
|
7%
|
|
Credit Quality
Metrics(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses
|
|
$
|
4,676
|
|
|
$
|
4,405
|
|
|
$
|
4,383
|
|
|
$
|
4,212
|
|
|
$
|
3,998
|
|
|
6%
|
|
|
17%
|
|
|
$
|
4,676
|
|
|
$
|
3,998
|
|
|
17%
|
|
Allowance as a percentage of loans held for
investment
|
|
2.23%
|
|
|
2.16%
|
|
|
2.10%
|
|
|
2.09%
|
|
|
2.01%
|
|
|
7
|
bps
|
|
22
|
bps
|
|
2.23%
|
|
|
2.01%
|
|
|
22
|
bps
|
Allowance as a percentage of loans held for
investment (excluding acquired loans)
|
|
2.46
|
|
|
2.41
|
|
|
2.36
|
|
|
2.37
|
|
|
2.30
|
|
|
5
|
|
|
16
|
|
|
2.46
|
|
|
2.30
|
|
|
16
|
|
Net charge-offs
|
|
$
|
846
|
|
|
$
|
881
|
|
|
$
|
915
|
|
|
$
|
756
|
|
|
$
|
812
|
|
|
(4)%
|
|
|
4%
|
|
|
$
|
1,727
|
|
|
$
|
1,743
|
|
|
(1)%
|
|
Net charge-off rate(15)
|
|
1.64%
|
|
|
1.72%
|
|
|
1.80%
|
|
|
1.52%
|
|
|
1.67%
|
|
|
(8)
|
bps
|
|
(3)
|
bps
|
|
1.68%
|
|
|
1.79%
|
|
|
(11)
|
bps
|
Net charge-off rate (excluding acquired
loans)(15)
|
|
1.83
|
|
|
1.93
|
|
|
2.04
|
|
|
1.73
|
|
|
1.93
|
|
|
(10)
|
|
|
(10)
|
|
|
1.88
|
|
|
2.08
|
|
|
(20)
|
|
30+ day performing delinquency rate
|
|
2.33
|
|
|
2.32
|
|
|
2.62
|
|
|
2.46
|
|
|
2.24
|
|
|
1
|
|
|
9
|
|
|
2.33
|
|
|
2.24
|
|
|
9
|
|
30+ day performing delinquency rate (excluding
acquired loans)
|
|
2.59
|
|
|
2.61
|
|
|
2.95
|
|
|
2.81
|
|
|
2.58
|
|
|
(2)
|
|
|
1
|
|
|
2.59
|
|
|
2.58
|
|
|
1
|
|
30+ day delinquency rate
|
|
2.65
|
|
|
2.58
|
|
|
2.91
|
|
|
2.76
|
|
|
2.53
|
|
|
7
|
|
|
12
|
|
|
2.65
|
|
|
2.53
|
|
|
12
|
|
30+ day delinquency rate (excluding acquired
loans)
|
|
2.94
|
|
|
2.90
|
|
|
3.28
|
|
|
3.14
|
|
|
2.91
|
|
|
4
|
|
|
3
|
|
|
2.94
|
|
|
2.91
|
|
|
3
|
|
Capital
Ratios(16)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1 capital
ratio
|
|
12.1%
|
|
|
12.5%
|
|
|
12.5%
|
|
|
12.7%
|
|
|
12.7%
|
|
|
(40)
|
bps
|
|
(60)
|
bps
|
|
12.1%
|
|
|
12.7%
|
|
|
(60)
|
bps
|
Tier 1 risk-based capital ratio
|
|
13.3
|
|
|
13.2
|
|
|
13.2
|
|
|
13.3
|
|
|
13.3
|
|
|
10
|
|
|
—
|
|
|
13.3
|
|
|
13.3
|
|
|
—
|
|
Total risk-based capital ratio
|
|
15.1
|
|
|
15.1
|
|
|
15.1
|
|
|
15.2
|
|
|
15.4
|
|
|
—
|
|
|
(30)
|
|
|
15.1
|
|
|
15.4
|
|
|
(30)
|
|
Tier 1 leverage ratio
|
|
11.1
|
|
|
10.7
|
|
|
10.8
|
|
|
10.6
|
|
|
10.7
|
|
|
40
|
|
|
40
|
|
|
11.1
|
|
|
10.7
|
|
|
40
|
|
Tangible common equity ("TCE")
ratio(17)
|
|
9.7
|
|
|
9.8
|
|
|
9.5
|
|
|
9.6
|
|
|
9.5
|
|
|
(10)
|
|
|
20
|
|
|
9.7
|
|
|
9.5
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 3: Consolidated Statements of
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
2015 Q2 vs.
|
|
Six Months Ended June 30,
|
(Dollars in millions, except per share data and as
noted) (unaudited)
|
|
2015 Q2
|
|
2015 Q1
|
|
2014 Q2
|
|
2015 Q1
|
|
2014 Q2
|
|
2015
|
|
2014
|
|
2015 vs. 2014
|
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including loans
held for sale
|
|
$
|
4,531
|
|
|
$
|
4,540
|
|
|
$
|
4,279
|
|
|
—
|
|
|
6%
|
|
|
$
|
9,071
|
|
|
$
|
8,586
|
|
|
6%
|
|
Investment
securities
|
|
382
|
|
|
406
|
|
|
409
|
|
|
(6)%
|
|
|
(7)
|
|
|
788
|
|
|
825
|
|
|
(4)
|
|
Other
|
|
24
|
|
|
28
|
|
|
24
|
|
|
(14)
|
|
|
—
|
|
|
52
|
|
|
54
|
|
|
(4)
|
|
Total interest income
|
|
4,937
|
|
|
4,974
|
|
|
4,712
|
|
|
(1)
|
|
|
5
|
|
|
9,911
|
|
|
9,465
|
|
|
5
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
272
|
|
|
271
|
|
|
272
|
|
|
—
|
|
|
—
|
|
|
543
|
|
|
548
|
|
|
(1)
|
|
Securitized debt
obligations
|
|
36
|
|
|
33
|
|
|
39
|
|
|
9
|
|
|
(8)
|
|
|
69
|
|
|
77
|
|
|
(10)
|
|
Senior and subordinated
notes
|
|
80
|
|
|
79
|
|
|
78
|
|
|
1
|
|
|
3
|
|
|
159
|
|
|
155
|
|
|
3
|
|
Other
borrowings
|
|
12
|
|
|
15
|
|
|
8
|
|
|
(20)
|
|
|
50
|
|
|
27
|
|
|
20
|
|
|
35
|
|
Total interest expense
|
|
400
|
|
|
398
|
|
|
397
|
|
|
1
|
|
|
1
|
|
|
798
|
|
|
800
|
|
|
—
|
|
Net interest income
|
|
4,537
|
|
|
4,576
|
|
|
4,315
|
|
|
(1)
|
|
|
5
|
|
|
9,113
|
|
|
8,665
|
|
|
5
|
|
Provision for credit
losses
|
|
1,129
|
|
|
935
|
|
|
704
|
|
|
21
|
|
|
60
|
|
|
2,064
|
|
|
1,439
|
|
|
43
|
|
Net interest income after provision for credit
losses
|
|
3,408
|
|
|
3,641
|
|
|
3,611
|
|
|
(6)
|
|
|
(6)
|
|
|
7,049
|
|
|
7,226
|
|
|
(2)
|
|
Non-interest
income:(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and
other customer-related fees
|
|
429
|
|
|
437
|
|
|
460
|
|
|
(2)
|
|
|
(7)
|
|
|
866
|
|
|
934
|
|
|
(7)
|
|
Interchange fees,
net
|
|
567
|
|
|
496
|
|
|
535
|
|
|
14
|
|
|
6
|
|
|
1,063
|
|
|
975
|
|
|
9
|
|
Net
other-than-temporary impairment recognized in
earnings
|
|
(7)
|
|
|
(15)
|
|
|
(1)
|
|
|
(53)
|
|
|
600
|
|
|
(22)
|
|
|
(6)
|
|
|
267
|
|
Other
|
|
146
|
|
|
153
|
|
|
159
|
|
|
(5)
|
|
|
(8)
|
|
|
299
|
|
|
270
|
|
|
11
|
|
Total non-interest income
|
|
1,135
|
|
|
1,071
|
|
|
1,153
|
|
|
6
|
|
|
(2)
|
|
|
2,206
|
|
|
2,173
|
|
|
2
|
|
Non-interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and associate
benefits
|
|
1,360
|
|
|
1,211
|
|
|
1,125
|
|
|
12
|
|
|
21
|
|
|
2,571
|
|
|
2,286
|
|
|
12
|
|
Occupancy and
equipment
|
|
439
|
|
|
435
|
|
|
447
|
|
|
1
|
|
|
(2)
|
|
|
874
|
|
|
852
|
|
|
3
|
|
Marketing
|
|
387
|
|
|
375
|
|
|
335
|
|
|
3
|
|
|
16
|
|
|
762
|
|
|
660
|
|
|
15
|
|
Professional
services
|
|
334
|
|
|
296
|
|
|
296
|
|
|
13
|
|
|
13
|
|
|
630
|
|
|
583
|
|
|
8
|
|
Communications and data
processing
|
|
208
|
|
|
202
|
|
|
203
|
|
|
3
|
|
|
2
|
|
|
410
|
|
|
399
|
|
|
3
|
|
Amortization of
intangibles
|
|
111
|
|
|
110
|
|
|
136
|
|
|
1
|
|
|
(18)
|
|
|
221
|
|
|
279
|
|
|
(21)
|
|
Other
|
|
468
|
|
|
420
|
|
|
437
|
|
|
11
|
|
|
7
|
|
|
888
|
|
|
852
|
|
|
4
|
|
Total non-interest expense
|
|
3,307
|
|
|
3,049
|
|
|
2,979
|
|
|
8
|
|
|
11
|
|
|
6,356
|
|
|
5,911
|
|
|
8
|
|
Income from continuing operations before income
taxes
|
|
1,236
|
|
|
1,663
|
|
|
1,785
|
|
|
(26)
|
|
|
(31)
|
|
|
2,899
|
|
|
3,488
|
|
|
(17)
|
|
Income tax provision
|
|
384
|
|
|
529
|
|
|
581
|
|
|
(27)
|
|
|
(34)
|
|
|
913
|
|
|
1,160
|
|
|
(21)
|
|
Income from continuing operations, net of
tax
|
|
852
|
|
|
1,134
|
|
|
1,204
|
|
|
(25)
|
|
|
(29)
|
|
|
1,986
|
|
|
2,328
|
|
|
(15)
|
|
Income (loss) from discontinued operations, net of
tax(2)
|
|
11
|
|
|
19
|
|
|
(10)
|
|
|
(42)
|
|
|
**
|
|
|
30
|
|
|
20
|
|
|
50
|
|
Net income
|
|
863
|
|
|
1,153
|
|
|
1,194
|
|
|
(25)
|
|
|
(28)
|
|
|
2,016
|
|
|
2,348
|
|
|
(14)
|
|
Dividends and undistributed earnings allocated to
participating securities(5)
|
|
(4)
|
|
|
(6)
|
|
|
(4)
|
|
|
(33)
|
|
|
—
|
|
|
(10)
|
|
|
(9)
|
|
|
11
|
|
Preferred stock
dividends(5)
|
|
(29)
|
|
|
(32)
|
|
|
(13)
|
|
|
(9)
|
|
|
123
|
|
|
(61)
|
|
|
(26)
|
|
|
135
|
|
Net income available to common
stockholders
|
|
$
|
830
|
|
|
$
|
1,115
|
|
|
$
|
1,177
|
|
|
(26)
|
|
|
(29)
|
|
|
$
|
1,945
|
|
|
$
|
2,313
|
|
|
(16)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
2015 Q2 vs.
|
|
Six Months Ended June 30,
|
(Dollars in millions, except per share data and as
noted) (unaudited)
|
|
2015 Q2
|
|
2015 Q1
|
|
2014 Q2
|
|
2015 Q1
|
|
2014 Q2
|
|
2015
|
|
2014
|
|
2015 vs. 2014
|
Basic earnings per common
share:(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing
operations
|
|
$
|
1.50
|
|
|
$
|
2.00
|
|
|
$
|
2.09
|
|
|
(25)%
|
|
|
(28)%
|
|
|
$
|
3.49
|
|
|
$
|
4.03
|
|
|
(13)%
|
|
Income (loss) from discontinued
operations
|
|
0.02
|
|
|
0.03
|
|
|
(0.02)
|
|
|
(33)
|
|
|
**
|
|
|
0.06
|
|
|
0.03
|
|
|
100
|
|
Net income per basic common share
|
|
$
|
1.52
|
|
|
$
|
2.03
|
|
|
$
|
2.07
|
|
|
(25)
|
|
|
(27)
|
|
|
$
|
3.55
|
|
|
$
|
4.06
|
|
|
(13)
|
|
Diluted earnings per common
share:(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing
operations
|
|
$
|
1.48
|
|
|
$
|
1.97
|
|
|
$
|
2.06
|
|
|
(25)
|
|
|
(28)
|
|
|
$
|
3.45
|
|
|
$
|
3.97
|
|
|
(13)
|
|
Income (loss) from discontinued
operations
|
|
0.02
|
|
|
0.03
|
|
|
(0.02)
|
|
|
(33)
|
|
|
**
|
|
|
0.06
|
|
|
0.03
|
|
|
100
|
|
Net income per diluted common
share(6)
|
|
$
|
1.50
|
|
|
$
|
2.00
|
|
|
$
|
2.04
|
|
|
(25)
|
|
|
(26)
|
|
|
$
|
3.51
|
|
|
$
|
4.00
|
|
|
(12)
|
|
Weighted average common shares outstanding (in
millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic common shares
|
|
545.6
|
|
|
550.2
|
|
|
567.5
|
|
|
(1)
|
|
|
(4)
|
|
|
548.0
|
|
|
569.2
|
|
|
(4)
|
|
Diluted common shares
|
|
552.0
|
|
|
557.2
|
|
|
577.6
|
|
|
(1)
|
|
|
(4)
|
|
|
554.7
|
|
|
578.9
|
|
|
(4)
|
|
Dividends paid per common share
|
|
$
|
0.40
|
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
33
|
|
|
33
|
|
|
$
|
0.70
|
|
|
$
|
0.60
|
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 4: Consolidated Balance
Sheets(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2015 vs.
|
(Dollars in millions)
(unaudited)
|
|
June 30,
2015
|
|
December 31,
2014
|
|
June 30,
2014
|
|
December 31,
2014
|
|
June 30,
2014
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
2,879
|
|
|
$
|
3,147
|
|
|
$
|
3,598
|
|
|
(9)%
|
|
|
(20)%
|
|
Interest-bearing
deposits with banks
|
|
4,275
|
|
|
4,095
|
|
|
2,954
|
|
|
4
|
|
|
45
|
|
Federal funds sold and
securities purchased under agreements to resell
|
|
2
|
|
|
0
|
|
|
180
|
|
|
**
|
|
|
(99)
|
|
Total cash and cash equivalents
|
|
7,156
|
|
|
7,242
|
|
|
6,732
|
|
|
(1)
|
|
|
6
|
|
Restricted cash for securitization
investors
|
|
253
|
|
|
234
|
|
|
361
|
|
|
8
|
|
|
(30)
|
|
Securities available for sale, at fair
value
|
|
39,136
|
|
|
39,508
|
|
|
41,113
|
|
|
(1)
|
|
|
(5)
|
|
Securities held to maturity, at carrying
value
|
|
23,668
|
|
|
22,500
|
|
|
20,688
|
|
|
5
|
|
|
14
|
|
Loans held for
investment:(8)
|
|
|
|
|
|
|
|
|
|
|
Unsecuritized loans
held for investment
|
|
175,407
|
|
|
171,771
|
|
|
161,224
|
|
|
2
|
|
|
9
|
|
Restricted loans for
securitization investors
|
|
34,298
|
|
|
36,545
|
|
|
37,304
|
|
|
(6)
|
|
|
(8)
|
|
Total loans held for investment
|
|
209,705
|
|
|
208,316
|
|
|
198,528
|
|
|
1
|
|
|
6
|
|
Allowance for loan and
lease losses
|
|
(4,676)
|
|
|
(4,383)
|
|
|
(3,998)
|
|
|
7
|
|
|
17
|
|
Net loans held for investment
|
|
205,029
|
|
|
203,933
|
|
|
194,530
|
|
|
1
|
|
|
5
|
|
Loans held for sale, at lower of cost or fair
value
|
|
1,066
|
|
|
626
|
|
|
709
|
|
|
70
|
|
|
50
|
|
Premises and equipment, net
|
|
3,602
|
|
|
3,685
|
|
|
3,764
|
|
|
(2)
|
|
|
(4)
|
|
Interest receivable
|
|
1,056
|
|
|
1,079
|
|
|
1,012
|
|
|
(2)
|
|
|
4
|
|
Goodwill
|
|
13,984
|
|
|
13,978
|
|
|
13,977
|
|
|
—
|
|
|
—
|
|
Other assets
|
|
15,560
|
|
|
15,382
|
|
|
14,548
|
|
|
1
|
|
|
7
|
|
Total assets
|
|
$
|
310,510
|
|
|
$
|
308,167
|
|
|
$
|
297,434
|
|
|
1
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2015 vs.
|
(Dollars in millions)
(unaudited)
|
|
June 30,
2015
|
|
December 31,
2014
|
|
June 30,
2014
|
|
December 31,
2014
|
|
June 30,
2014
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
Interest payable
|
|
$
|
262
|
|
|
$
|
254
|
|
|
$
|
234
|
|
|
3%
|
|
|
12%
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
25,123
|
|
|
25,081
|
|
|
24,920
|
|
|
—
|
|
|
1
|
|
Interest-bearing
deposits
|
|
183,657
|
|
|
180,467
|
|
|
180,970
|
|
|
2
|
|
|
1
|
|
Total deposits
|
|
208,780
|
|
|
205,548
|
|
|
205,890
|
|
|
2
|
|
|
1
|
|
Securitized debt obligations
|
|
13,785
|
|
|
11,624
|
|
|
10,010
|
|
|
19
|
|
|
38
|
|
Other debt:
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased
and securities loaned or sold under agreements to
repurchase
|
|
1,888
|
|
|
880
|
|
|
2,030
|
|
|
115
|
|
|
(7)
|
|
Senior and subordinated
notes
|
|
19,987
|
|
|
18,684
|
|
|
16,628
|
|
|
7
|
|
|
20
|
|
Other
borrowings
|
|
10,106
|
|
|
17,269
|
|
|
10,446
|
|
|
(41)
|
|
|
(3)
|
|
Total other debt
|
|
31,981
|
|
|
36,833
|
|
|
29,104
|
|
|
(13)
|
|
|
10
|
|
Other liabilities
|
|
9,043
|
|
|
8,855
|
|
|
8,381
|
|
|
2
|
|
|
8
|
|
Total liabilities
|
|
263,851
|
|
|
263,114
|
|
|
253,619
|
|
|
—
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
|
|
0
|
|
|
0
|
|
|
0
|
|
|
—
|
|
|
—
|
|
Common stock
|
|
6
|
|
|
6
|
|
|
6
|
|
|
—
|
|
|
—
|
|
Additional paid-in capital, net
|
|
29,063
|
|
|
27,869
|
|
|
27,210
|
|
|
4
|
|
|
7
|
|
Retained earnings
|
|
25,540
|
|
|
23,973
|
|
|
22,270
|
|
|
7
|
|
|
15
|
|
Accumulated other comprehensive income
("AOCI")
|
|
(397)
|
|
|
(430)
|
|
|
(371)
|
|
|
(8)
|
|
|
7
|
|
Treasury stock, at cost
|
|
(7,553)
|
|
|
(6,365)
|
|
|
(5,300)
|
|
|
19
|
|
|
43
|
|
Total
stockholders' equity
|
|
46,659
|
|
|
45,053
|
|
|
43,815
|
|
|
4
|
|
|
6
|
|
Total liabilities and
stockholders' equity
|
|
$
|
310,510
|
|
|
$
|
308,167
|
|
|
$
|
297,434
|
|
|
1
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 5: Notes to Financial Summary, Selected
Metrics and Consolidated Financial Statements (Tables
1—4)
|
|
|
**
|
Not meaningful.
|
|
|
(1)
|
As of January 1, 2015, we changed our accounting
principle from a gross basis of presentation to a net basis, for
presenting qualifying derivative assets and liabilities, as well as
the related right to reclaim cash collateral or obligation to
return cash collateral. Prior period results, excluding regulatory
ratios, have been recast to conform to this
presentation.
|
|
|
(2)
|
Mortgage representation and warranty reserve is
comprised of the following:
|
|
|
|
|
|
2015 Q2
|
|
2015 Q1
|
|
2014 Q4
|
|
2014 Q3
|
|
2014 Q2
|
|
(Dollars in millions)
(unaudited)
|
|
|
|
|
|
|
(Benefit) provision for mortgage representation and
warranty losses before income taxes:
|
|
|
|
|
|
|
|
|
|
|
|
Recorded in continuing
operations
|
|
$
|
(9)
|
|
|
$
|
1
|
|
|
$
|
(11)
|
|
|
$
|
—
|
|
|
$
|
(29)
|
|
|
Recorded in
discontinued operations
|
|
(27)
|
|
|
(19)
|
|
|
(41)
|
|
|
70
|
|
|
11
|
|
|
Total (benefit) provision for mortgage representation
and warranty losses before income taxes
|
|
$
|
(36)
|
|
|
$
|
(18)
|
|
|
$
|
(52)
|
|
|
$
|
70
|
|
|
$
|
(18)
|
|
|
|
|
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 $636 million as of June 30, 2015,
$731 million as of December 31, 2014 and $1.0 billion as of
June 30, 2014.
|
|
|
(3)
|
Total net revenue was reduced by $168 million in Q2
2015, $147 million in Q1 2015, $165 million in Q4 2014, $164
million in Q3 2014 and $153 million in Q2 2014 for the estimated
uncollectible amount of billed finance charges and
fees.
|
|
|
(4)
|
Includes acquisition-related costs of $8 million in
Q2 2015, $7 million in Q1 2015, $10 million in Q4 2014, $13 million
in Q3 2014 and $18 million in Q2 2014. 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)
|
We recorded restructuring charges of $147 million
under our existing benefit plans as a result of the realignment of
our workforce, and a $78 million build in the U.K. Payment
Protection Insurance customer refund reserve ("U.K. PPI Reserve"),
reflecting our updated estimate of future complaint levels. We
report the following non-GAAP financial measures that we believe
are helpful for investors to understand the effect of these items
on our reported results as they provide an additional presentation
of our performance. The table below presents a reconciliation of
our reported results to these non-GAAP financial
measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions, except per share data)
(unaudited)
|
|
Pretax Income
|
|
Net Income
|
|
Net Income Available to
Common Stockholders
|
|
Diluted EPS
|
|
Reported results
|
|
$
|
1,236
|
|
|
$
|
863
|
|
|
$
|
830
|
|
|
$
|
1.50
|
|
|
Restructuring charges and build in the U.K. PPI
Reserve
|
|
225
|
|
|
155
|
|
|
155
|
|
|
0.28
|
|
|
Adjusted results
|
|
$
|
1,461
|
|
|
$
|
1,018
|
|
|
$
|
985
|
|
|
$
|
1.78
|
|
|
|
(7)
|
Tangible book value per common share is a non-GAAP
measure calculated based on tangible common equity divided by
common shares outstanding. See "Table 14: Reconciliation of
Non-GAAP Measures and Calculation of Regulatory Capital Measures"
for additional information on tangible common
equity.
|
|
|
(8)
|
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) 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. 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions)
(unaudited)
|
|
2015 Q2
|
|
2015 Q1
|
|
2014 Q4
|
|
2014 Q3
|
|
2014 Q2
|
|
Acquired loans accounted for under SOP
03-3:
|
|
|
|
|
|
|
|
|
|
|
|
Period-end unpaid
principal balance
|
|
$
|
21,841
|
|
|
$
|
23,248
|
|
|
$
|
24,473
|
|
|
$
|
25,726
|
|
|
$
|
27,117
|
|
|
Period-end loans held
for investment
|
|
20,970
|
|
|
22,334
|
|
|
23,500
|
|
|
24,685
|
|
|
26,019
|
|
|
Average loans held for
investment
|
|
21,440
|
|
|
22,773
|
|
|
23,907
|
|
|
25,104
|
|
|
26,491
|
|
|
|
(9)
|
Calculated based on annualized total net revenue for
the period divided by average interest-earning assets for the
period.
|
|
|
(10)
|
Calculated based on annualized net interest income
for the period divided by average interest-earning assets for the
period.
|
|
|
(11)
|
Calculated based on annualized income from continuing
operations, net of tax, for the period divided by average tangible
assets for the period. Return on average tangible assets is a
non-GAAP measure. See "Table 14: Reconciliation of Non-GAAP
Measures and Calculation of Regulatory Capital Measures" for
additional information.
|
|
|
(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
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.
|
|
|
(13)
|
Calculated based on the annualized sum of (i) income
from continuing operations, net of tax; (ii) less dividends and
undistributed earnings allocated to participating securities; (iii)
less preferred stock dividends, for the period, divided by average
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.
|
|
|
(14)
|
Calculated based on total non-interest expense for
the period divided by total net revenue for the period. The
efficiency ratio, excluding the restructuring charges and build in
the U.K. PPI Reserve discussed above in Footnote 6, was 54.63% for
Q2 2015.
|
|
|
(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 Q2 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
Q2
|
|
2015
Q1
|
|
2014
Q2
|
(Dollars in
millions) (unaudited)
|
|
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)
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
loans held for sale
|
|
$
|
207,335
|
|
|
$
|
4,531
|
|
|
8.74%
|
|
$
|
205,854
|
|
|
$
|
4,540
|
|
|
8.82%
|
|
$
|
195,322
|
|
|
$
|
4,279
|
|
|
8.76%
|
Investment
securities
|
|
63,771
|
|
|
382
|
|
|
2.40
|
|
63,181
|
|
|
406
|
|
|
2.57
|
|
62,518
|
|
|
409
|
|
|
2.62
|
Cash equivalents and
other
|
|
5,479
|
|
|
24
|
|
|
1.75
|
|
9,392
|
|
|
28
|
|
|
1.19
|
|
5,730
|
|
|
24
|
|
|
1.68
|
Total
interest-earning assets
|
|
$
|
276,585
|
|
|
$
|
4,937
|
|
|
7.14
|
|
$
|
278,427
|
|
|
$
|
4,974
|
|
|
7.15
|
|
$
|
263,570
|
|
|
$
|
4,712
|
|
|
7.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
$
|
183,946
|
|
|
$
|
272
|
|
|
0.59
|
|
$
|
182,998
|
|
|
$
|
271
|
|
|
0.59
|
|
$
|
182,053
|
|
|
$
|
272
|
|
|
0.60
|
Securitized debt
obligations
|
|
13,219
|
|
|
36
|
|
|
1.09
|
|
11,563
|
|
|
33
|
|
|
1.14
|
|
10,731
|
|
|
39
|
|
|
1.45
|
Senior and
subordinated notes
|
|
20,336
|
|
|
80
|
|
|
1.57
|
|
20,595
|
|
|
79
|
|
|
1.53
|
|
16,004
|
|
|
78
|
|
|
1.95
|
Other borrowings and
liabilities
|
|
8,857
|
|
|
12
|
|
|
0.54
|
|
14,721
|
|
|
15
|
|
|
0.41
|
|
8,923
|
|
|
8
|
|
|
0.36
|
Total
interest-bearing liabilities
|
|
$
|
226,358
|
|
|
$
|
400
|
|
|
0.71
|
|
$
|
229,877
|
|
|
$
|
398
|
|
|
0.69
|
|
$
|
217,711
|
|
|
$
|
397
|
|
|
0.73
|
Net interest
income/spread
|
|
|
|
$
|
4,537
|
|
|
6.43
|
|
|
|
|
$
|
4,576
|
|
|
6.46
|
|
|
|
$
|
4,315
|
|
|
6.42
|
Impact of
non-interest bearing funding
|
|
|
|
|
|
0.13
|
|
|
|
|
|
|
0.11
|
|
|
|
|
|
0.13
|
Net interest
margin
|
|
|
|
|
|
6.56%
|
|
|
|
|
|
|
6.57%
|
|
|
|
|
|
6.55%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
|
2015
|
|
2014
|
(Dollars in
millions) (unaudited)
|
|
Average
Balance
|
|
Interest
Income/
Expense(1)
|
|
Yield/
Rate(1)
|
|
Average
Balance
|
|
Interest
Income/
Expense(1)
|
|
Yield/
Rate(1)
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
loans held for sale
|
|
$
|
206,598
|
|
|
$
|
9,071
|
|
|
8.78%
|
|
$
|
194,674
|
|
|
$
|
8,586
|
|
|
8.82%
|
Investment
securities
|
|
63,477
|
|
|
788
|
|
|
2.48
|
|
62,322
|
|
|
825
|
|
|
2.65
|
Cash equivalents and
other
|
|
7,426
|
|
|
52
|
|
|
1.40
|
|
6,123
|
|
|
54
|
|
|
1.76
|
Total
interest-earning assets
|
|
$
|
277,501
|
|
|
$
|
9,911
|
|
|
7.14
|
|
$
|
263,119
|
|
|
$
|
9,465
|
|
|
7.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
$
|
183,475
|
|
|
$
|
543
|
|
|
0.59
|
|
$
|
182,431
|
|
|
$
|
548
|
|
|
0.60
|
Securitized debt
obligations
|
|
12,396
|
|
|
69
|
|
|
1.11
|
|
10,576
|
|
|
77
|
|
|
1.46
|
Senior and
subordinated notes
|
|
20,465
|
|
|
159
|
|
|
1.55
|
|
15,088
|
|
|
155
|
|
|
2.05
|
Other borrowings and
liabilities
|
|
11,771
|
|
|
27
|
|
|
0.46
|
|
10,153
|
|
|
20
|
|
|
0.39
|
Total
interest-bearing liabilities
|
|
$
|
228,107
|
|
|
$
|
798
|
|
|
0.70
|
|
$
|
218,248
|
|
|
$
|
800
|
|
|
0.73
|
Net interest
income/spread
|
|
|
|
$
|
9,113
|
|
|
6.44
|
|
|
|
$
|
8,665
|
|
|
6.46
|
Impact of
non-interest bearing funding
|
|
|
|
|
|
0.13
|
|
|
|
|
|
0.13
|
Net interest
margin
|
|
|
|
|
|
6.57%
|
|
|
|
|
|
6.59%
|
__________
(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.
|
|
|
|
|
|
|
10
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 7: Loan
Information and Performance Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q2
vs.
|
|
Six Months Ended
June 30,
|
(Dollars in
millions) (unaudited)
|
|
2015
Q2
|
|
2015
Q1
|
|
2014
Q4
|
|
2014
Q3
|
|
2014
Q2
|
|
2015
Q1
|
|
2014
Q2
|
|
2015
|
|
2014
|
|
2015
vs.
2014
|
Loans Held For
Investment (Period End)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic credit card
|
|
$
|
78,984
|
|
|
$
|
74,131
|
|
|
$
|
77,704
|
|
|
$
|
73,143
|
|
|
$
|
71,165
|
|
|
7%
|
|
|
11%
|
|
|
$
|
78,984
|
|
|
$
|
71,165
|
|
|
11%
|
|
International credit
card
|
|
8,219
|
|
|
7,623
|
|
|
8,172
|
|
|
7,488
|
|
|
7,853
|
|
|
8
|
|
|
5
|
|
|
8,219
|
|
|
7,853
|
|
|
5
|
|
Total credit
card
|
|
87,203
|
|
|
81,754
|
|
|
85,876
|
|
|
80,631
|
|
|
79,018
|
|
|
7
|
|
|
10
|
|
|
87,203
|
|
|
79,018
|
|
|
10
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
39,991
|
|
|
38,937
|
|
|
37,824
|
|
|
36,254
|
|
|
34,792
|
|
|
3
|
|
|
15
|
|
|
39,991
|
|
|
34,792
|
|
|
15
|
|
Home loan
|
|
27,595
|
|
|
28,905
|
|
|
30,035
|
|
|
31,203
|
|
|
32,644
|
|
|
(5)
|
|
|
(15)
|
|
|
27,595
|
|
|
32,644
|
|
|
(15)
|
|
Retail banking
|
|
3,590
|
|
|
3,537
|
|
|
3,580
|
|
|
3,604
|
|
|
3,626
|
|
|
1
|
|
|
(1)
|
|
|
3,590
|
|
|
3,626
|
|
|
(1)
|
|
Total consumer
banking
|
|
71,176
|
|
|
71,379
|
|
|
71,439
|
|
|
71,061
|
|
|
71,062
|
|
|
—
|
|
|
—
|
|
|
71,176
|
|
|
71,062
|
|
|
—
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real
estate
|
|
22,886
|
|
|
22,831
|
|
|
23,137
|
|
|
22,895
|
|
|
22,040
|
|
|
—
|
|
|
4
|
|
|
22,886
|
|
|
22,040
|
|
|
4
|
|
Commercial and
industrial
|
|
27,660
|
|
|
27,172
|
|
|
26,972
|
|
|
26,071
|
|
|
25,402
|
|
|
2
|
|
|
9
|
|
|
27,660
|
|
|
25,402
|
|
|
9
|
|
Total commercial
lending
|
|
50,546
|
|
|
50,003
|
|
|
50,109
|
|
|
48,966
|
|
|
47,442
|
|
|
1
|
|
|
7
|
|
|
50,546
|
|
|
47,442
|
|
|
7
|
|
Small-ticket commercial real
estate
|
|
685
|
|
|
738
|
|
|
781
|
|
|
822
|
|
|
879
|
|
|
(7)
|
|
|
(22)
|
|
|
685
|
|
|
879
|
|
|
(22)
|
|
Total commercial
banking
|
|
51,231
|
|
|
50,741
|
|
|
50,890
|
|
|
49,788
|
|
|
48,321
|
|
|
1
|
|
|
6
|
|
|
51,231
|
|
|
48,321
|
|
|
6
|
|
Other
loans
|
|
95
|
|
|
104
|
|
|
111
|
|
|
112
|
|
|
127
|
|
|
(9)
|
|
|
(25)
|
|
|
95
|
|
|
127
|
|
|
(25)
|
|
Total loans held for
investment
|
|
$
|
209,705
|
|
|
$
|
203,978
|
|
|
$
|
208,316
|
|
|
$
|
201,592
|
|
|
$
|
198,528
|
|
|
3
|
|
|
6
|
|
|
$
|
209,705
|
|
|
$
|
198,528
|
|
|
6
|
|
Loans Held For
Investment (Average)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic credit card
|
|
$
|
75,924
|
|
|
$
|
74,770
|
|
|
$
|
74,026
|
|
|
$
|
71,784
|
|
|
$
|
69,376
|
|
|
2%
|
|
|
9%
|
|
|
$
|
75,349
|
|
|
$
|
69,592
|
|
|
8%
|
|
International credit
card
|
|
7,977
|
|
|
7,811
|
|
|
7,714
|
|
|
7,710
|
|
|
7,621
|
|
|
2
|
|
|
5
|
|
|
7,895
|
|
|
7,656
|
|
|
3
|
|
Total credit
card
|
|
83,901
|
|
|
82,581
|
|
|
81,740
|
|
|
79,494
|
|
|
76,997
|
|
|
2
|
|
|
9
|
|
|
83,244
|
|
|
77,248
|
|
|
8
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
39,546
|
|
|
38,387
|
|
|
37,072
|
|
|
35,584
|
|
|
33,972
|
|
|
3
|
|
|
16
|
|
|
38,970
|
|
|
33,184
|
|
|
17
|
|
Home loan
|
|
28,251
|
|
|
29,493
|
|
|
30,604
|
|
|
31,859
|
|
|
33,299
|
|
|
(4)
|
|
|
(15)
|
|
|
28,869
|
|
|
33,969
|
|
|
(15)
|
|
Retail banking
|
|
3,570
|
|
|
3,561
|
|
|
3,578
|
|
|
3,605
|
|
|
3,613
|
|
|
—
|
|
|
(1)
|
|
|
3,565
|
|
|
3,621
|
|
|
(2)
|
|
Total consumer
banking
|
|
71,367
|
|
|
71,441
|
|
|
71,254
|
|
|
71,048
|
|
|
70,884
|
|
|
—
|
|
|
1
|
|
|
71,404
|
|
|
70,774
|
|
|
1
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real
estate
|
|
22,853
|
|
|
23,120
|
|
|
23,129
|
|
|
22,409
|
|
|
21,484
|
|
|
(1)
|
|
|
6
|
|
|
22,985
|
|
|
21,224
|
|
|
8
|
|
Commercial and
industrial
|
|
27,414
|
|
|
27,190
|
|
|
26,409
|
|
|
25,512
|
|
|
24,611
|
|
|
1
|
|
|
11
|
|
|
27,303
|
|
|
24,079
|
|
|
13
|
|
Total commercial
lending
|
|
50,267
|
|
|
50,310
|
|
|
49,538
|
|
|
47,921
|
|
|
46,095
|
|
|
—
|
|
|
9
|
|
|
50,288
|
|
|
45,303
|
|
|
11
|
|
Small-ticket commercial real
estate
|
|
709
|
|
|
760
|
|
|
801
|
|
|
845
|
|
|
896
|
|
|
(7)
|
|
|
(21)
|
|
|
735
|
|
|
914
|
|
|
(20)
|
|
Total commercial
banking
|
|
50,976
|
|
|
51,070
|
|
|
50,339
|
|
|
48,766
|
|
|
46,991
|
|
|
—
|
|
|
8
|
|
|
51,023
|
|
|
46,217
|
|
|
10
|
|
Other
loans
|
|
93
|
|
|
102
|
|
|
103
|
|
|
114
|
|
|
124
|
|
|
(9)
|
|
|
(25)
|
|
|
97
|
|
|
123
|
|
|
(21)
|
|
Total average loans
held for investment
|
|
$
|
206,337
|
|
|
$
|
205,194
|
|
|
$
|
203,436
|
|
|
$
|
199,422
|
|
|
$
|
194,996
|
|
|
1
|
|
|
6
|
|
|
$
|
205,768
|
|
|
$
|
194,362
|
|
|
6
|
|
Net Charge-off
Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic credit card
|
|
3.42%
|
|
|
3.55%
|
|
|
3.39%
|
|
|
2.83%
|
|
|
3.52%
|
|
|
(13)
|
bps
|
|
(10)
|
bps
|
|
3.49%
|
|
|
3.77%
|
|
|
(28)
|
bps
|
International credit
card
|
|
2.65
|
|
|
2.80
|
|
|
3.34
|
|
|
3.32
|
|
|
3.93
|
|
|
(15)
|
|
|
(128)
|
|
|
2.73
|
|
|
4.05
|
|
|
(132)
|
|
Total credit
card
|
|
3.35
|
|
|
3.48
|
|
|
3.38
|
|
|
2.88
|
|
|
3.56
|
|
|
(13)
|
|
|
(21)
|
|
|
3.42
|
|
|
3.79
|
|
|
(37)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q2
vs.
|
|
Six Months Ended
June 30,
|
(Dollars in
millions) (unaudited)
|
|
2015
Q2
|
|
2015
Q1
|
|
2014
Q4
|
|
2014
Q3
|
|
2014
Q2
|
|
2015
Q1
|
|
2014
Q2
|
|
2015
|
|
2014
|
|
2015 vs.
2014
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
1.22%
|
|
|
1.55%
|
|
|
2.14%
|
|
1.98%
|
|
|
1.31%
|
|
(33)
|
bps
|
|
(9)
|
bps
|
|
1.38%
|
|
|
1.48%
|
|
(10)
|
bps
|
Home loan
|
|
0.04
|
|
|
0.03
|
|
|
0.07
|
|
0.02
|
|
|
0.05
|
|
1
|
|
|
(1)
|
|
|
0.03
|
|
|
0.06
|
|
(3)
|
|
Retail banking
|
|
1.39
|
|
|
0.96
|
|
|
1.28
|
|
1.36
|
|
|
0.70
|
|
43
|
|
|
69
|
|
|
1.18
|
|
|
0.82
|
|
36
|
|
Total consumer
banking
|
|
0.76
|
|
|
0.89
|
|
|
1.20
|
|
1.07
|
|
|
0.69
|
|
(13)
|
|
|
7
|
|
|
0.83
|
|
|
0.76
|
|
7
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real
estate
|
|
(0.04)
|
|
|
(0.03)
|
|
|
0.01
|
|
(0.10)
|
|
|
—
|
|
(1)
|
|
|
(4)
|
|
|
(0.03)
|
|
|
—
|
|
(3)
|
|
Commercial and
industrial
|
|
0.13
|
|
|
0.05
|
|
|
0.10
|
|
(0.01)
|
|
|
0.04
|
|
8
|
|
|
9
|
|
|
0.09
|
|
|
0.03
|
|
6
|
|
Total commercial
lending
|
|
0.05
|
|
|
0.01
|
|
|
0.06
|
|
(0.05)
|
|
|
0.02
|
|
4
|
|
|
3
|
|
|
0.03
|
|
|
0.02
|
|
1
|
|
Small-ticket commercial real
estate
|
|
0.15
|
|
|
0.47
|
|
|
0.80
|
|
(0.01)
|
|
|
0.61
|
|
(32)
|
|
|
(46)
|
|
|
0.32
|
|
|
0.64
|
|
(32)
|
|
Total commercial
banking
|
|
0.05
|
|
|
0.02
|
|
|
0.07
|
|
(0.05)
|
|
|
0.03
|
|
3
|
|
|
2
|
|
|
0.04
|
|
|
0.03
|
|
1
|
|
Other
loans
|
|
(0.79)
|
|
|
1.56
|
|
|
0.47
|
|
(0.61)
|
|
|
2.18
|
|
**
|
|
**
|
|
0.44
|
|
|
0.77
|
|
(33)
|
|
Total net
charge-offs
|
|
1.64
|
|
|
1.72
|
|
|
1.80
|
|
1.52
|
|
|
1.67
|
|
(8)
|
|
|
(3)
|
|
|
1.68
|
|
|
1.79
|
|
(11)
|
|
30+ Day Performing
Delinquency Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic credit card
|
|
2.84%
|
|
|
2.92%
|
|
|
3.27%
|
|
3.21%
|
|
|
2.83%
|
|
(8)
|
bps
|
|
1
|
bps
|
|
2.84%
|
|
|
2.83%
|
|
1
|
bps
|
International credit
card
|
|
2.65
|
|
|
2.81
|
|
|
2.94
|
|
3.34
|
|
|
3.40
|
|
(16)
|
|
|
(75)
|
|
|
2.65
|
|
|
3.40
|
|
(75)
|
|
Total credit
card
|
|
2.82
|
|
|
2.91
|
|
|
3.24
|
|
3.22
|
|
|
2.89
|
|
(9)
|
|
|
(7)
|
|
|
2.82
|
|
|
2.89
|
|
(7)
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
5.58
|
|
|
5.21
|
|
|
6.57
|
|
6.14
|
|
|
5.77
|
|
37
|
|
|
(19)
|
|
|
5.58
|
|
|
5.77
|
|
(19)
|
|
Home loan
|
|
0.17
|
|
|
0.18
|
|
|
0.21
|
|
0.14
|
|
|
0.13
|
|
(1)
|
|
|
4
|
|
|
0.17
|
|
|
0.13
|
|
4
|
|
Retail banking
|
|
0.66
|
|
|
0.60
|
|
|
0.64
|
|
0.53
|
|
|
0.48
|
|
6
|
|
|
18
|
|
|
0.66
|
|
|
0.48
|
|
18
|
|
Total consumer
banking
|
|
3.24
|
|
|
2.95
|
|
|
3.60
|
|
3.22
|
|
|
2.91
|
|
29
|
|
|
33
|
|
|
3.24
|
|
|
2.91
|
|
33
|
|
Nonperforming
Loans and Nonperforming Assets
Rates(1)(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International credit
card
|
|
0.83%
|
|
|
0.84%
|
|
|
0.86%
|
|
0.98%
|
|
|
1.03%
|
|
(1)
|
bps
|
|
(20)
|
bps
|
|
0.83%
|
|
|
1.03%
|
|
(20)
|
bps
|
Total credit
card
|
|
0.08
|
|
|
0.08
|
|
|
0.08
|
|
0.09
|
|
|
0.10
|
|
—
|
|
|
(2)
|
|
|
0.08
|
|
|
0.10
|
|
(2)
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
0.40
|
|
|
0.31
|
|
|
0.52
|
|
0.49
|
|
|
0.43
|
|
9
|
|
|
(3)
|
|
|
0.40
|
|
|
0.43
|
|
(3)
|
|
Home loan
|
|
1.13
|
|
|
1.16
|
|
|
1.10
|
|
1.04
|
|
|
1.07
|
|
(3)
|
|
|
6
|
|
|
1.13
|
|
|
1.07
|
|
6
|
|
Retail banking
|
|
0.79
|
|
|
0.71
|
|
|
0.61
|
|
0.54
|
|
|
0.79
|
|
8
|
|
|
—
|
|
|
0.79
|
|
|
0.79
|
|
—
|
|
Total consumer
banking
|
|
0.70
|
|
|
0.67
|
|
|
0.77
|
|
0.73
|
|
|
0.75
|
|
3
|
|
|
(5)
|
|
|
0.70
|
|
|
0.75
|
|
(5)
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real
estate
|
|
0.12
|
|
|
0.18
|
|
|
0.27
|
|
0.26
|
|
|
0.29
|
|
(6)
|
|
|
(17)
|
|
|
0.12
|
|
|
0.29
|
|
(17)
|
|
Commercial and
industrial
|
|
1.56
|
|
|
0.39
|
|
|
0.39
|
|
0.37
|
|
|
0.41
|
|
117
|
|
|
115
|
|
|
1.56
|
|
|
0.41
|
|
115
|
|
Total commercial
lending
|
|
0.91
|
|
|
0.29
|
|
|
0.33
|
|
0.32
|
|
|
0.36
|
|
62
|
|
|
55
|
|
|
0.91
|
|
|
0.36
|
|
55
|
|
Small-ticket commercial real
estate
|
|
0.47
|
|
|
1.62
|
|
|
0.96
|
|
0.42
|
|
|
1.40
|
|
(115)
|
|
|
(93)
|
|
|
0.47
|
|
|
1.40
|
|
(93)
|
|
Total commercial
banking
|
|
0.90
|
|
|
0.31
|
|
|
0.34
|
|
0.32
|
|
|
0.38
|
|
59
|
|
|
52
|
|
|
0.90
|
|
|
0.38
|
|
52
|
|
Other
loans
|
|
10.68
|
|
|
13.33
|
|
|
13.37
|
|
14.66
|
|
|
12.74
|
|
(265)
|
|
|
(206)
|
|
|
10.68
|
|
|
12.74
|
|
(206)
|
|
Total nonperforming
loans
|
|
0.50
|
|
|
0.35
|
|
|
0.39
|
|
0.38
|
|
|
0.41
|
|
15
|
|
|
9
|
|
|
0.50
|
|
|
0.41
|
|
9
|
|
Total nonperforming
assets
|
|
0.64
|
|
|
0.50
|
|
|
0.54
|
|
0.53
|
|
|
0.55
|
|
14
|
|
|
9
|
|
|
0.64
|
|
|
0.55
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 8: Financial
Summary—Business Segment Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2015
|
|
Six Months Ended
June 30, 2015
|
(Dollars in
millions) (unaudited)
|
|
Total
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking
|
|
Other
|
|
Total
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking
|
|
Other
|
Net interest income
(expense)
|
|
$
|
4,537
|
|
|
$
|
2,633
|
|
|
$
|
1,444
|
|
|
$
|
466
|
|
|
$
|
(6)
|
|
|
$
|
9,113
|
|
|
$
|
5,299
|
|
|
$
|
2,878
|
|
|
$
|
927
|
|
|
$
|
9
|
|
Non-interest
income
|
|
1,135
|
|
|
845
|
|
|
196
|
|
|
123
|
|
|
(29)
|
|
|
2,206
|
|
|
1,661
|
|
|
354
|
|
|
237
|
|
|
(46)
|
|
Total net revenue
(loss)(3)
|
|
5,672
|
|
|
3,478
|
|
|
1,640
|
|
|
589
|
|
|
(35)
|
|
|
11,319
|
|
|
6,960
|
|
|
3,232
|
|
|
1,164
|
|
|
(37)
|
|
Provision for credit
losses
|
|
1,129
|
|
|
895
|
|
|
185
|
|
|
49
|
|
|
—
|
|
|
2,064
|
|
|
1,564
|
|
|
391
|
|
|
109
|
|
|
—
|
|
Non-interest
expense
|
|
3,307
|
|
|
1,857
|
|
|
998
|
|
|
270
|
|
|
182
|
|
|
6,356
|
|
|
3,633
|
|
|
1,968
|
|
|
542
|
|
|
213
|
|
Income (loss) from
continuing operations before income taxes
|
|
1,236
|
|
|
726
|
|
|
457
|
|
|
270
|
|
|
(217)
|
|
|
2,899
|
|
|
1,763
|
|
|
873
|
|
|
513
|
|
|
(250)
|
|
Income tax provision
(benefit)
|
|
384
|
|
|
263
|
|
|
166
|
|
|
98
|
|
|
(143)
|
|
|
913
|
|
|
632
|
|
|
316
|
|
|
186
|
|
|
(221)
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
852
|
|
|
$
|
463
|
|
|
$
|
291
|
|
|
$
|
172
|
|
|
$
|
(74)
|
|
|
$
|
1,986
|
|
|
$
|
1,131
|
|
|
$
|
557
|
|
|
$
|
327
|
|
|
$
|
(29)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2015
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions) (unaudited)
|
|
Total
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
4,576
|
|
|
$
|
2,666
|
|
|
$
|
1,434
|
|
|
$
|
461
|
|
|
$
|
15
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income
|
|
1,071
|
|
|
816
|
|
|
158
|
|
|
114
|
|
|
(17)
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenue
(loss)(3)
|
|
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
June 30, 2014
|
|
Six Months Ended
June 30, 2014
|
(Dollars in
millions) (unaudited)
|
|
Total
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking
|
|
Other
|
|
Total
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking
|
|
Other
|
Net interest income
(expense)
|
|
$
|
4,315
|
|
|
$
|
2,461
|
|
|
$
|
1,431
|
|
|
$
|
436
|
|
|
$
|
(13)
|
|
|
$
|
8,665
|
|
|
$
|
4,986
|
|
|
$
|
2,864
|
|
|
$
|
857
|
|
|
$
|
(42)
|
|
Non-interest
income
|
|
1,153
|
|
|
839
|
|
|
170
|
|
|
109
|
|
|
35
|
|
|
2,173
|
|
|
1,624
|
|
|
320
|
|
|
196
|
|
|
33
|
|
Total net revenue
(loss)(3)
|
|
5,468
|
|
|
3,300
|
|
|
1,601
|
|
|
545
|
|
|
22
|
|
|
10,838
|
|
|
6,610
|
|
|
3,184
|
|
|
1,053
|
|
|
(9)
|
|
Provision (benefit)
for credit losses
|
|
704
|
|
|
549
|
|
|
143
|
|
|
12
|
|
|
—
|
|
|
1,439
|
|
|
1,107
|
|
|
283
|
|
|
52
|
|
|
(3)
|
|
Non-interest
expense
|
|
2,979
|
|
|
1,719
|
|
|
938
|
|
|
267
|
|
|
55
|
|
|
5,911
|
|
|
3,445
|
|
|
1,868
|
|
|
522
|
|
|
76
|
|
Income (loss) from
continuing operations before income taxes
|
|
1,785
|
|
|
1,032
|
|
|
520
|
|
|
266
|
|
|
(33)
|
|
|
3,488
|
|
|
2,058
|
|
|
1,033
|
|
|
479
|
|
|
(82)
|
|
Income tax provision
(benefit)
|
|
581
|
|
|
364
|
|
|
186
|
|
|
95
|
|
|
(64)
|
|
|
1,160
|
|
|
722
|
|
|
369
|
|
|
171
|
|
|
(102)
|
|
Income from
continuing operations, net of tax
|
|
$
|
1,204
|
|
|
$
|
668
|
|
|
$
|
334
|
|
|
$
|
171
|
|
|
$
|
31
|
|
|
$
|
2,328
|
|
|
$
|
1,336
|
|
|
$
|
664
|
|
|
$
|
308
|
|
|
$
|
20
|
|
|
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 9: Financial
& Statistical Summary—Credit Card Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q2
vs.
|
|
Six Months Ended
June 30,
|
|
|
2015 Q2
|
|
2015 Q1
|
|
2014 Q4
|
|
2014 Q3
|
|
2014 Q2
|
|
2015 Q1
|
|
2014 Q2
|
|
|
|
|
|
2015
vs.
|
(Dollars in
millions) (unaudited)
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2014
|
Credit
Card(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
2,633
|
|
|
$
|
2,666
|
|
|
$
|
2,697
|
|
|
$
|
2,627
|
|
|
$
|
2,461
|
|
|
(1)%
|
|
|
7%
|
|
|
$
|
5,299
|
|
|
$
|
4,986
|
|
|
6%
|
|
Non-interest
income
|
|
845
|
|
|
816
|
|
|
841
|
|
|
846
|
|
|
839
|
|
|
4
|
|
|
1
|
|
|
1,661
|
|
|
1,624
|
|
|
2
|
|
Total net
revenue
|
|
3,478
|
|
|
3,482
|
|
|
3,538
|
|
|
3,473
|
|
|
3,300
|
|
|
—
|
|
|
5
|
|
|
6,960
|
|
|
6,610
|
|
|
5
|
|
Provision for credit
losses
|
|
895
|
|
|
669
|
|
|
856
|
|
|
787
|
|
|
549
|
|
|
34
|
|
|
63
|
|
|
1,564
|
|
|
1,107
|
|
|
41
|
|
Non-interest
expense
|
|
1,857
|
|
|
1,776
|
|
|
1,888
|
|
|
1,730
|
|
|
1,719
|
|
|
5
|
|
|
8
|
|
|
3,633
|
|
|
3,445
|
|
|
5
|
|
Income from
continuing operations before income taxes
|
|
726
|
|
|
1,037
|
|
|
794
|
|
|
956
|
|
|
1,032
|
|
|
(30)
|
|
|
(30)
|
|
|
1,763
|
|
|
2,058
|
|
|
(14)
|
|
Income tax
provision
|
|
263
|
|
|
369
|
|
|
275
|
|
|
332
|
|
|
364
|
|
|
(29)
|
|
|
(28)
|
|
|
632
|
|
|
722
|
|
|
(12)
|
|
Income from
continuing operations, net of tax
|
|
$
|
463
|
|
|
$
|
668
|
|
|
$
|
519
|
|
|
$
|
624
|
|
|
$
|
668
|
|
|
(31)
|
|
|
(31)
|
|
|
$
|
1,131
|
|
|
$
|
1,336
|
|
|
(15)
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
87,203
|
|
|
$
|
81,754
|
|
|
$
|
85,876
|
|
|
$
|
80,631
|
|
|
$
|
79,018
|
|
|
7%
|
|
|
10%
|
|
|
$
|
87,203
|
|
|
$
|
79,018
|
|
|
10%
|
|
Average loans held
for investment
|
|
83,901
|
|
|
82,581
|
|
|
81,740
|
|
|
79,494
|
|
|
76,997
|
|
|
2
|
|
|
9
|
|
|
83,244
|
|
|
77,248
|
|
|
8
|
|
Average yield on
loans held for investment(5)
|
|
13.98%
|
|
|
14.30%
|
|
|
14.61%
|
|
|
14.65%
|
|
|
14.22%
|
|
|
(32)
|
bps
|
|
(24)
|
bps
|
|
14.14%
|
|
|
14.33%
|
|
|
(19)
|
bps
|
Total net revenue
margin(6)
|
|
16.58
|
|
|
16.87
|
|
|
17.31
|
|
|
17.48
|
|
|
17.14
|
|
|
(29)
|
|
|
(56)
|
|
|
16.72
|
|
|
17.11
|
|
|
(39)
|
|
Net charge-off
rate
|
|
3.35
|
|
|
3.48
|
|
|
3.38
|
|
|
2.88
|
|
|
3.56
|
|
|
(13)
|
|
|
(21)
|
|
|
3.42
|
|
|
3.79
|
|
|
(37)
|
|
30+ day performing
delinquency rate
|
|
2.82
|
|
|
2.91
|
|
|
3.24
|
|
|
3.22
|
|
|
2.89
|
|
|
(9)
|
|
|
(7)
|
|
|
2.82
|
|
|
2.89
|
|
|
(7)
|
|
30+ day delinquency
rate
|
|
2.88
|
|
|
2.97
|
|
|
3.30
|
|
|
3.29
|
|
|
2.97
|
|
|
(9)
|
|
|
(9)
|
|
|
2.88
|
|
|
2.97
|
|
|
(9)
|
|
Nonperforming loan
rate(1)
|
|
0.08
|
|
|
0.08
|
|
|
0.08
|
|
|
0.09
|
|
|
0.10
|
|
|
—
|
|
|
(2)
|
|
|
0.08
|
|
|
0.10
|
|
|
(2)
|
|
Card loan premium
amortization and other intangible
accretion(7)
|
|
$
|
7
|
|
|
$
|
11
|
|
|
$
|
11
|
|
|
$
|
18
|
|
|
$
|
31
|
|
|
(36)%
|
|
|
(77)%
|
|
|
$
|
18
|
|
|
$
|
68
|
|
|
(74)%
|
|
PCCR intangible
amortization
|
|
80
|
|
|
84
|
|
|
87
|
|
|
90
|
|
|
94
|
|
|
(5)
|
|
|
(15)
|
|
|
164
|
|
|
192
|
|
|
(15)
|
|
Purchase
volume(8)
|
|
68,559
|
|
|
57,383
|
|
|
63,484
|
|
|
57,474
|
|
|
56,358
|
|
|
19
|
|
|
22
|
|
|
125,942
|
|
|
103,792
|
|
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q2
vs.
|
|
Six Months Ended
June 30,
|
|
|
2015 Q2
|
|
2015 Q1
|
|
2014 Q4
|
|
2014 Q3
|
|
2014 Q2
|
|
2015 Q1
|
|
2014 Q2
|
|
|
|
|
|
2015
vs.
|
(Dollars in
millions) (unaudited)
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2014
|
Domestic
Card
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
2,395
|
|
|
$
|
2,421
|
|
|
$
|
2,432
|
|
|
$
|
2,361
|
|
|
$
|
2,193
|
|
|
(1)%
|
|
|
9%
|
|
|
$
|
4,816
|
|
|
$
|
4,448
|
|
|
8%
|
|
Non-interest
income
|
|
796
|
|
|
743
|
|
|
768
|
|
|
763
|
|
|
768
|
|
|
7
|
|
|
4
|
|
|
1,539
|
|
|
1,470
|
|
|
5
|
|
Total net
revenue
|
|
3,191
|
|
|
3,164
|
|
|
3,200
|
|
|
3,124
|
|
|
2,961
|
|
|
1
|
|
|
8
|
|
|
6,355
|
|
|
5,918
|
|
|
7
|
|
Provision for credit
losses
|
|
853
|
|
|
610
|
|
|
765
|
|
|
738
|
|
|
504
|
|
|
40
|
|
|
69
|
|
|
1,463
|
|
|
990
|
|
|
48
|
|
Non-interest
expense
|
|
1,621
|
|
|
1,580
|
|
|
1,676
|
|
|
1,530
|
|
|
1,513
|
|
|
3
|
|
|
7
|
|
|
3,201
|
|
|
3,058
|
|
|
5
|
|
Income from
continuing operations before income taxes
|
|
717
|
|
|
974
|
|
|
759
|
|
|
856
|
|
|
944
|
|
|
(26)
|
|
|
(24)
|
|
|
1,691
|
|
|
1,870
|
|
|
(10)
|
|
Income tax
provision
|
|
259
|
|
|
353
|
|
|
272
|
|
|
306
|
|
|
337
|
|
|
(27)
|
|
|
(23)
|
|
|
612
|
|
|
668
|
|
|
(8)
|
|
Income from
continuing operations, net of tax
|
|
$
|
458
|
|
|
$
|
621
|
|
|
$
|
487
|
|
|
$
|
550
|
|
|
$
|
607
|
|
|
(26)
|
|
|
(25)
|
|
|
$
|
1,079
|
|
|
$
|
1,202
|
|
|
(10)
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
78,984
|
|
|
$
|
74,131
|
|
|
$
|
77,704
|
|
|
$
|
73,143
|
|
|
$
|
71,165
|
|
|
7%
|
|
|
11%
|
|
|
$
|
78,984
|
|
|
$
|
71,165
|
|
|
11%
|
|
Average loans held
for investment
|
|
75,924
|
|
|
74,770
|
|
|
74,026
|
|
|
71,784
|
|
|
69,376
|
|
|
2
|
|
|
9
|
|
|
75,349
|
|
|
69,592
|
|
|
8
|
|
Average yield on
loans held for investment(5)
|
|
13.95%
|
|
|
14.23%
|
|
|
14.43%
|
|
|
14.46%
|
|
|
13.95%
|
|
|
(28)
|
bps
|
|
—
|
|
|
14.09%
|
|
|
14.07%
|
|
|
2
|
bps
|
Total net revenue
margin(6)
|
|
16.81
|
|
|
16.93
|
|
|
17.29
|
|
|
17.41
|
|
|
17.07
|
|
|
(12)
|
|
|
(26)
|
bps
|
|
16.87
|
|
|
17.01
|
|
|
(14)
|
|
Net charge-off
rate
|
|
3.42
|
|
|
3.55
|
|
|
3.39
|
|
|
2.83
|
|
|
3.52
|
|
|
(13)
|
|
|
(10)
|
|
|
3.49
|
|
|
3.77
|
|
|
(28)
|
|
30+ day performing
delinquency rate
|
|
2.84
|
|
|
2.92
|
|
|
3.27
|
|
|
3.21
|
|
|
2.83
|
|
|
(8)
|
|
|
1
|
|
|
2.84
|
|
|
2.83
|
|
|
1
|
|
30+ day delinquency
rate
|
|
2.84
|
|
|
2.92
|
|
|
3.27
|
|
|
3.21
|
|
|
2.83
|
|
|
(8)
|
|
|
1
|
|
|
2.84
|
|
|
2.83
|
|
|
1
|
|
Purchase
volume(8)
|
|
$
|
62,198
|
|
|
$
|
52,025
|
|
|
$
|
58,234
|
|
|
$
|
53,690
|
|
|
$
|
52,653
|
|
|
20%
|
|
|
18%
|
|
|
$
|
114,223
|
|
|
$
|
96,792
|
|
|
18%
|
|
International
Card(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
238
|
|
|
$
|
245
|
|
|
$
|
265
|
|
|
$
|
266
|
|
|
$
|
268
|
|
|
(3)%
|
|
|
(11)%
|
|
|
$
|
483
|
|
|
$
|
538
|
|
|
(10)%
|
|
Non-interest
income
|
|
49
|
|
|
73
|
|
|
73
|
|
|
83
|
|
|
71
|
|
|
(33)
|
|
|
(31)
|
|
|
122
|
|
|
154
|
|
|
(21)
|
|
Total net
revenue
|
|
287
|
|
|
318
|
|
|
338
|
|
|
349
|
|
|
339
|
|
|
(10)
|
|
|
(15)
|
|
|
605
|
|
|
692
|
|
|
(13)
|
|
Provision for credit
losses
|
|
42
|
|
|
59
|
|
|
91
|
|
|
49
|
|
|
45
|
|
|
(29)
|
|
|
(7)
|
|
|
101
|
|
|
117
|
|
|
(14)
|
|
Non-interest
expense
|
|
236
|
|
|
196
|
|
|
212
|
|
|
200
|
|
|
206
|
|
|
20
|
|
|
15
|
|
|
432
|
|
|
387
|
|
|
12
|
|
Income from
continuing operations before income taxes
|
|
9
|
|
|
63
|
|
|
35
|
|
|
100
|
|
|
88
|
|
|
(86)
|
|
|
(90)
|
|
|
72
|
|
|
188
|
|
|
(62)
|
|
Income tax
provision
|
|
4
|
|
|
16
|
|
|
3
|
|
|
26
|
|
|
27
|
|
|
(75)
|
|
|
(85)
|
|
|
20
|
|
|
54
|
|
|
(63)
|
|
Income from
continuing operations, net of tax
|
|
$
|
5
|
|
|
$
|
47
|
|
|
$
|
32
|
|
|
$
|
74
|
|
|
$
|
61
|
|
|
(89)
|
|
|
(92)
|
|
|
$
|
52
|
|
|
$
|
134
|
|
|
(61)
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
8,219
|
|
|
$
|
7,623
|
|
|
$
|
8,172
|
|
|
$
|
7,488
|
|
|
$
|
7,853
|
|
|
8%
|
|
|
5%
|
|
|
$
|
8,219
|
|
|
$
|
7,853
|
|
|
5%
|
|
Average loans held
for investment
|
|
7,977
|
|
|
7,811
|
|
|
7,714
|
|
|
7,710
|
|
|
7,621
|
|
|
2
|
|
|
5
|
|
|
7,895
|
|
|
7,656
|
|
|
3
|
|
Average yield on
loans held for investment(5)
|
|
14.29
|
%
|
|
14.93%
|
|
|
16.31%
|
|
|
16.42%
|
|
|
16.74%
|
|
|
(64)
|
bps
|
|
(245)
|
bps
|
|
14.60%
|
|
|
16.69%
|
|
|
(209)
|
bps
|
Total net revenue
margin(6)
|
|
14.36
|
|
|
16.31
|
|
|
17.55
|
|
|
18.13
|
|
|
17.76
|
|
|
(195)
|
|
|
(340)
|
|
|
15.33
|
|
|
18.07
|
|
|
(274)
|
|
Net charge-off
rate
|
|
2.65
|
|
|
2.80
|
|
|
3.34
|
|
|
3.32
|
|
|
3.93
|
|
|
(15)
|
|
|
(128)
|
|
|
2.73
|
|
|
4.05
|
|
|
(132)
|
|
30+ day performing
delinquency rate
|
|
2.65
|
|
|
2.81
|
|
|
2.94
|
|
|
3.34
|
|
|
3.40
|
|
|
(16)
|
|
|
(75)
|
|
|
2.65
|
|
|
3.40
|
|
|
(75)
|
|
30+ day delinquency
rate
|
|
3.29
|
|
|
3.44
|
|
|
3.60
|
|
|
4.08
|
|
|
4.20
|
|
|
(15)
|
|
|
(91)
|
|
|
3.29
|
|
|
4.20
|
|
|
(91)
|
|
Nonperforming loan
rate(1)
|
|
0.83
|
|
|
0.84
|
|
|
0.86
|
|
|
0.98
|
|
|
1.03
|
|
|
(1)
|
|
|
(20)
|
|
|
0.83
|
|
|
1.03
|
|
|
(20)
|
|
Purchase
volume(8)
|
|
$
|
6,361
|
|
|
$
|
5,358
|
|
|
$
|
5,250
|
|
|
$
|
3,784
|
|
|
$
|
3,705
|
|
|
19%
|
|
|
72%
|
|
|
$
|
11,719
|
|
|
$
|
7,000
|
|
|
67%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 10:
Financial & Statistical Summary—Consumer Banking
Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q2
vs.
|
|
Six Months Ended
June 30,
|
|
|
2015 Q2
|
|
2015 Q1
|
|
2014 Q4
|
|
2014 Q3
|
|
2014 Q2
|
|
2015
Q1
|
|
2014
Q2
|
|
|
|
|
|
2015
vs.
|
(Dollars in
millions) (unaudited)
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2014
|
Consumer
Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
1,444
|
|
|
$
|
1,434
|
|
|
$
|
1,459
|
|
|
$
|
1,425
|
|
|
$
|
1,431
|
|
|
1%
|
|
|
1%
|
|
|
$
|
2,878
|
|
|
$
|
2,864
|
|
|
—
|
|
Non-interest
income
|
|
196
|
|
|
158
|
|
|
185
|
|
|
179
|
|
|
170
|
|
|
24
|
|
|
15
|
|
|
354
|
|
|
320
|
|
|
11%
|
|
Total net
revenue
|
|
1,640
|
|
|
1,592
|
|
|
1,644
|
|
|
1,604
|
|
|
1,601
|
|
|
3
|
|
|
2
|
|
|
3,232
|
|
|
3,184
|
|
|
2
|
|
Provision for credit
losses
|
|
185
|
|
|
206
|
|
|
222
|
|
|
198
|
|
|
143
|
|
|
(10)
|
|
|
29
|
|
|
391
|
|
|
283
|
|
|
38
|
|
Non-interest
expense
|
|
998
|
|
|
970
|
|
|
1,045
|
|
|
956
|
|
|
938
|
|
|
3
|
|
|
6
|
|
|
1,968
|
|
|
1,868
|
|
|
5
|
|
Income from
continuing operations before income taxes
|
|
457
|
|
|
416
|
|
|
377
|
|
|
450
|
|
|
520
|
|
|
10
|
|
|
(12)
|
|
|
873
|
|
|
1,033
|
|
|
(15)
|
|
Income tax
provision
|
|
166
|
|
|
150
|
|
|
135
|
|
|
161
|
|
|
186
|
|
|
11
|
|
|
(11)
|
|
|
316
|
|
|
369
|
|
|
(14)
|
|
Income from
continuing operations, net of tax
|
|
$
|
291
|
|
|
$
|
266
|
|
|
$
|
242
|
|
|
$
|
289
|
|
|
$
|
334
|
|
|
9
|
|
|
(13)
|
|
|
$
|
557
|
|
|
$
|
664
|
|
|
(16)
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
71,176
|
|
|
$
|
71,379
|
|
|
$
|
71,439
|
|
|
$
|
71,061
|
|
|
$
|
71,062
|
|
|
—
|
|
|
—
|
|
|
$
|
71,176
|
|
|
$
|
71,062
|
|
|
—
|
|
Average loans held
for investment
|
|
71,367
|
|
|
71,441
|
|
|
71,254
|
|
|
71,048
|
|
|
70,884
|
|
|
—
|
|
|
1%
|
|
|
71,404
|
|
|
70,774
|
|
|
1%
|
|
Average yield on
loans held for investment(5)
|
|
6.27%
|
|
|
6.26%
|
|
|
6.45%
|
|
|
6.18%
|
|
|
6.22%
|
|
|
1
|
bps
|
|
5
|
bps
|
|
6.27%
|
|
|
6.20%
|
|
|
7
|
bps
|
Auto loan
originations
|
|
$
|
5,433
|
|
|
$
|
5,185
|
|
|
$
|
5,390
|
|
|
$
|
5,410
|
|
|
$
|
5,376
|
|
|
5%
|
|
|
1%
|
|
|
$
|
10,618
|
|
|
$
|
10,103
|
|
|
5%
|
|
Period-end
deposits
|
|
170,321
|
|
|
172,502
|
|
|
168,078
|
|
|
167,624
|
|
|
169,153
|
|
|
(1)
|
|
|
1
|
|
|
170,321
|
|
|
169,153
|
|
|
1
|
|
Average
deposits
|
|
171,076
|
|
|
169,593
|
|
|
167,727
|
|
|
168,407
|
|
|
169,694
|
|
|
1
|
|
|
1
|
|
|
170,339
|
|
|
169,188
|
|
|
1
|
|
Average deposit
interest rate
|
|
0.57%
|
|
|
0.57%
|
|
|
0.57%
|
|
|
0.58%
|
|
|
0.57%
|
|
|
—
|
|
|
—
|
|
|
0.57%
|
|
|
0.57%
|
|
|
—
|
|
Core deposit
intangible amortization
|
|
$
|
21
|
|
|
$
|
22
|
|
|
$
|
24
|
|
|
$
|
26
|
|
|
$
|
28
|
|
|
(5)%
|
|
|
(25)%
|
|
|
$
|
43
|
|
|
$
|
58
|
|
|
(26)%
|
|
Net charge-off
rate
|
|
0.76%
|
|
|
0.89%
|
|
|
1.20%
|
|
|
1.07%
|
|
|
0.69%
|
|
|
(13)
|
bps
|
|
7
|
bps
|
|
0.83%
|
|
|
0.76%
|
|
|
7
|
bps
|
30+ day performing
delinquency rate
|
|
3.24
|
|
|
2.95
|
|
|
3.60
|
|
|
3.22
|
|
|
2.91
|
|
|
29
|
|
|
33
|
|
|
3.24
|
|
|
2.91
|
|
|
33
|
|
30+ day delinquency
rate
|
|
3.80
|
|
|
3.46
|
|
|
4.23
|
|
|
3.82
|
|
|
3.49
|
|
|
34
|
|
|
31
|
|
|
3.80
|
|
|
3.49
|
|
|
31
|
|
Nonperforming loan
rate(1)
|
|
0.70
|
|
|
0.67
|
|
|
0.77
|
|
|
0.73
|
|
|
0.75
|
|
|
3
|
|
|
(5)
|
|
|
0.70
|
|
|
0.75
|
|
|
(5)
|
|
Nonperforming asset
rate(2)
|
|
0.98
|
|
|
0.95
|
|
|
1.06
|
|
|
1.01
|
|
|
1.01
|
|
|
3
|
|
|
(3)
|
|
|
0.98
|
|
|
1.01
|
|
|
(3)
|
|
|
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 11:
Financial & Statistical Summary—Commercial Banking
Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q2
vs.
|
|
Six Months Ended
June 30,
|
|
|
2015
Q2
|
|
2015
Q1
|
|
2014
Q4
|
|
2014
Q3
|
|
2014
Q2
|
|
2015
Q1
|
|
2014
Q2
|
|
|
|
|
|
2015
vs.
|
(Dollars in
millions) (unaudited)
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2014
|
Commercial
Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
466
|
|
|
$
|
461
|
|
|
$
|
455
|
|
|
$
|
439
|
|
|
$
|
436
|
|
|
1%
|
|
|
7%
|
|
|
$
|
927
|
|
|
$
|
857
|
|
|
8%
|
|
Non-interest
income
|
|
123
|
|
|
114
|
|
|
132
|
|
|
122
|
|
|
109
|
|
|
8
|
|
|
13
|
|
|
237
|
|
|
196
|
|
|
21
|
|
Total net
revenue(3)
|
|
589
|
|
|
575
|
|
|
587
|
|
|
561
|
|
|
545
|
|
|
2
|
|
|
8
|
|
|
1,164
|
|
|
1,053
|
|
|
11
|
|
Provision for credit
losses
|
|
49
|
|
|
60
|
|
|
32
|
|
|
9
|
|
|
12
|
|
|
(18)
|
|
|
308
|
|
|
109
|
|
|
52
|
|
|
110
|
|
Non-interest
expense
|
|
270
|
|
|
272
|
|
|
293
|
|
|
268
|
|
|
267
|
|
|
(1)
|
|
|
1
|
|
|
542
|
|
|
522
|
|
|
4
|
|
Income from
continuing operations before income taxes
|
|
270
|
|
|
243
|
|
|
262
|
|
|
284
|
|
|
266
|
|
|
11
|
|
|
2
|
|
|
513
|
|
|
479
|
|
|
7
|
|
Income tax
provision
|
|
98
|
|
|
88
|
|
|
93
|
|
|
102
|
|
|
95
|
|
|
11
|
|
|
3
|
|
|
186
|
|
|
171
|
|
|
9
|
|
Income from
continuing operations, net of tax
|
|
$
|
172
|
|
|
$
|
155
|
|
|
$
|
169
|
|
|
$
|
182
|
|
|
$
|
171
|
|
|
11
|
|
|
1
|
|
|
$
|
327
|
|
|
$
|
308
|
|
|
6
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
51,231
|
|
|
$
|
50,741
|
|
|
$
|
50,890
|
|
|
$
|
49,788
|
|
|
$
|
48,321
|
|
|
1%
|
|
|
6%
|
|
|
$
|
51,231
|
|
|
$
|
48,321
|
|
|
6%
|
|
Average loans held
for investment
|
|
50,976
|
|
|
51,070
|
|
|
50,339
|
|
|
48,766
|
|
|
46,991
|
|
|
—
|
|
|
8
|
|
|
51,023
|
|
|
46,217
|
|
|
10
|
|
Average yield on
loans held for investment(3)(5)
|
|
3.26%
|
|
|
3.22%
|
|
|
3.33%
|
|
|
3.39%
|
|
|
3.50%
|
|
|
4
|
bps
|
|
(24)
|
bps
|
|
3.24%
|
|
|
3.48%
|
|
|
(24)
|
bps
|
Period-end
deposits
|
|
$
|
32,909
|
|
|
$
|
32,575
|
|
|
$
|
31,954
|
|
|
$
|
31,918
|
|
|
$
|
31,440
|
|
|
1%
|
|
|
5%
|
|
|
$
|
32,909
|
|
|
$
|
31,440
|
|
|
5%
|
|
Average
deposits
|
|
32,778
|
|
|
32,845
|
|
|
32,363
|
|
|
31,772
|
|
|
31,238
|
|
|
—
|
|
|
5
|
|
|
32,811
|
|
|
31,431
|
|
|
4
|
|
Average deposit
interest rate
|
|
0.25%
|
|
|
0.24%
|
|
|
0.24%
|
|
|
0.24%
|
|
|
0.24%
|
|
|
1
|
bps
|
|
1
|
bps
|
|
0.24%
|
|
|
0.24%
|
|
|
—
|
|
Core deposit
intangible amortization
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
—
|
|
|
(20)%
|
|
|
$
|
8
|
|
|
$
|
11
|
|
|
(27)%
|
|
Net charge-off
(recovery) rate
|
|
0.05%
|
|
|
0.02%
|
|
|
0.07%
|
|
|
(0.05)%
|
|
|
0.03%
|
|
|
3
|
bps
|
|
2
|
bps
|
|
0.04%
|
|
|
0.03%
|
|
|
1
|
bps
|
Nonperforming loan
rate(1)
|
|
0.90
|
|
|
0.31
|
|
|
0.34
|
|
|
0.32
|
|
|
0.38
|
|
|
59
|
|
|
52
|
|
|
0.90
|
|
|
0.38
|
|
|
52
|
|
Nonperforming asset
rate(2)
|
|
0.91
|
|
|
0.31
|
|
|
0.36
|
|
|
0.35
|
|
|
0.41
|
|
|
60
|
|
|
50
|
|
|
0.91
|
|
|
0.41
|
|
|
50
|
|
Risk
category:(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncriticized
|
|
$
|
49,001
|
|
|
$
|
48,938
|
|
|
$
|
49,284
|
|
|
$
|
48,408
|
|
|
$
|
46,881
|
|
|
—
|
|
|
5%
|
|
|
$
|
49,001
|
|
|
$
|
46,881
|
|
|
5%
|
|
Criticized
performing
|
|
1,767
|
|
|
1,645
|
|
|
1,431
|
|
|
1,219
|
|
|
1,259
|
|
|
7%
|
|
|
40
|
|
|
1,767
|
|
|
1,259
|
|
|
40
|
|
Criticized
nonperforming
|
|
463
|
|
|
158
|
|
|
175
|
|
|
161
|
|
|
181
|
|
|
193
|
|
|
156
|
|
|
463
|
|
|
181
|
|
|
156
|
|
Total commercial
loans
|
|
$
|
51,231
|
|
|
$
|
50,741
|
|
|
$
|
50,890
|
|
|
$
|
49,788
|
|
|
$
|
48,321
|
|
|
1
|
|
|
6
|
|
|
$
|
51,231
|
|
|
$
|
48,321
|
|
|
6
|
|
Risk category as a
percentage of period-end commercial loans held for
investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncriticized
|
|
95.7%
|
|
|
96.5%
|
|
|
96.9%
|
|
|
97.3%
|
|
|
97.0%
|
|
|
(80)
|
bps
|
|
(130)
|
bps
|
|
95.7%
|
|
|
97.0%
|
|
|
(130)
|
bps
|
Criticized
performing
|
|
3.4
|
|
|
3.2
|
|
|
2.8
|
|
|
2.4
|
|
|
2.6
|
|
|
20
|
|
|
80
|
|
|
3.4
|
|
|
2.6
|
|
|
80
|
|
Criticized
nonperforming
|
|
0.9
|
|
|
0.3
|
|
|
0.3
|
|
|
0.3
|
|
|
0.4
|
|
|
60
|
|
|
50
|
|
|
0.9
|
|
|
0.4
|
|
|
50
|
|
Total commercial
loans
|
|
100.0%
|
|
|
100.0%
|
|
|
100.0%
|
|
|
100.0%
|
|
|
100.0%
|
|
|
—
|
|
|
—
|
|
|
100.0%
|
|
|
100.0%
|
|
|
—
|
|
|
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 12:
Financial & Statistical Summary—Other and Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q2
vs.
|
|
Six Months Ended
June 30,
|
(Dollars in
millions) (unaudited)
|
|
2015 Q2
|
|
2015 Q1
|
|
2014 Q4
|
|
2014 Q3
|
|
2014 Q2
|
|
2015 Q1
|
|
2014 Q2
|
|
2015
|
|
2014
|
|
2015
vs. 2014
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
(expense) income
|
|
$
|
(6)
|
|
|
$
|
15
|
|
|
$
|
45
|
|
|
$
|
6
|
|
|
$
|
(13)
|
|
|
**
|
|
(54)%
|
|
$
|
9
|
|
|
$
|
(42)
|
|
|
**
|
Non-interest
income
|
|
(29)
|
|
|
(17)
|
|
|
(1)
|
|
|
(5)
|
|
|
35
|
|
|
71%
|
|
**
|
|
(46)
|
|
|
33
|
|
|
**
|
Total net (loss)
revenue(3)
|
|
(35)
|
|
|
(2)
|
|
|
44
|
|
|
1
|
|
|
22
|
|
|
**
|
|
**
|
|
(37)
|
|
|
(9)
|
|
|
**
|
Benefit for credit
losses
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
(1)
|
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
(3)
|
|
|
**
|
Non-interest
expense(10)
|
|
182
|
|
|
31
|
|
|
58
|
|
|
31
|
|
|
55
|
|
|
**
|
|
**
|
|
213
|
|
|
76
|
|
|
180%
|
Loss from continuing
operations before income taxes
|
|
(217)
|
|
|
(33)
|
|
|
(13)
|
|
|
(29)
|
|
|
(33)
|
|
|
**
|
|
**
|
|
(250)
|
|
|
(82)
|
|
|
**
|
Income tax
benefit
|
|
(143)
|
|
|
(78)
|
|
|
(53)
|
|
|
(59)
|
|
|
(64)
|
|
|
83
|
|
123
|
|
(221)
|
|
|
(102)
|
|
|
117
|
(Loss) income from
continuing operations, net of tax
|
|
$
|
(74)
|
|
|
$
|
45
|
|
|
$
|
40
|
|
|
$
|
30
|
|
|
$
|
31
|
|
|
**
|
|
**
|
|
$
|
(29)
|
|
|
$
|
20
|
|
|
**
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
95
|
|
|
$
|
104
|
|
|
$
|
111
|
|
|
$
|
112
|
|
|
$
|
127
|
|
|
(9)%
|
|
(25)%
|
|
$
|
95
|
|
|
$
|
127
|
|
|
(25)%
|
Average loans held
for investment
|
|
93
|
|
|
102
|
|
|
103
|
|
|
114
|
|
|
124
|
|
|
(9)
|
|
(25)
|
|
97
|
|
|
123
|
|
|
(21)
|
Period-end
deposits
|
|
5,550
|
|
|
5,363
|
|
|
5,516
|
|
|
4,722
|
|
|
5,297
|
|
|
3
|
|
5
|
|
5,550
|
|
|
5,297
|
|
|
5
|
Average
deposits
|
|
5,289
|
|
|
5,413
|
|
|
5,265
|
|
|
5,020
|
|
|
5,383
|
|
|
(2)
|
|
(2)
|
|
5,351
|
|
|
5,461
|
|
|
(2)
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
4,537
|
|
|
$
|
4,576
|
|
|
$
|
4,656
|
|
|
$
|
4,497
|
|
|
$
|
4,315
|
|
|
(1)%
|
|
5%
|
|
$
|
9,113
|
|
|
$
|
8,665
|
|
|
5%
|
Non-interest
income
|
|
1,135
|
|
|
1,071
|
|
|
1,157
|
|
|
1,142
|
|
|
1,153
|
|
|
6
|
|
(2)
|
|
2,206
|
|
|
2,173
|
|
|
2
|
Total net
revenue
|
|
5,672
|
|
|
5,647
|
|
|
5,813
|
|
|
5,639
|
|
|
5,468
|
|
|
—
|
|
4
|
|
11,319
|
|
|
10,838
|
|
|
4
|
Provision for credit
losses
|
|
1,129
|
|
|
935
|
|
|
1,109
|
|
|
993
|
|
|
704
|
|
|
21
|
|
60
|
|
2,064
|
|
|
1,439
|
|
|
43
|
Non-interest
expense
|
|
3,307
|
|
|
3,049
|
|
|
3,284
|
|
|
2,985
|
|
|
2,979
|
|
|
8
|
|
11
|
|
6,356
|
|
|
5,911
|
|
|
8
|
Income from
continuing operations before income taxes
|
|
1,236
|
|
|
1,663
|
|
|
1,420
|
|
|
1,661
|
|
|
1,785
|
|
|
(26)
|
|
(31)
|
|
2,899
|
|
|
3,488
|
|
|
(17)
|
Income tax
provision
|
|
384
|
|
|
529
|
|
|
450
|
|
|
536
|
|
|
581
|
|
|
(27)
|
|
(34)
|
|
913
|
|
|
1,160
|
|
|
(21)
|
Income from
continuing operations, net of tax
|
|
$
|
852
|
|
|
$
|
1,134
|
|
|
$
|
970
|
|
|
$
|
1,125
|
|
|
$
|
1,204
|
|
|
(25)
|
|
(29)
|
|
$
|
1,986
|
|
|
$
|
2,328
|
|
|
(15)
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
209,705
|
|
|
$
|
203,978
|
|
|
$
|
208,316
|
|
|
$
|
201,592
|
|
|
$
|
198,528
|
|
|
3%
|
|
6%
|
|
$
|
209,705
|
|
|
$
|
198,528
|
|
|
6%
|
Average loans held
for investment
|
|
206,337
|
|
|
205,194
|
|
|
203,436
|
|
|
199,422
|
|
|
194,996
|
|
|
1
|
|
6
|
|
205,768
|
|
|
194,362
|
|
|
6
|
Period-end
deposits
|
|
208,780
|
|
|
210,440
|
|
|
205,548
|
|
|
204,264
|
|
|
205,890
|
|
|
(1)
|
|
1
|
|
208,780
|
|
|
205,890
|
|
|
1
|
Average
deposits
|
|
209,143
|
|
|
207,851
|
|
|
205,355
|
|
|
205,199
|
|
|
206,315
|
|
|
1
|
|
1
|
|
208,501
|
|
|
206,080
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 13: Notes to
Loan and Business Segments Disclosures (Tables 7—12)
|
|
|
**
|
Not
meaningful.
|
|
|
(1)
|
The nonperforming
loan rates are calculated based on nonperforming loans for each
category divided by period-end total loans held for
investment.
|
|
|
(2)
|
Nonperforming assets
consist of nonperforming loans, real estate owned ("REO") and other
foreclosed assets. The nonperforming asset rates are calculated
based on nonperforming assets for each category divided by the
combined period-end total of loans held for investment, REO and
other foreclosed assets for each respective category. Calculation
of nonperforming assets rates for our Consumer Banking and
Commercial Banking businesses are adjusted to exclude the impact of
acquired REO.
|
|
|
(3)
|
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 the Other
category.
|
|
|
(4)
|
Includes a build in
our U.K. PPI Reserve, which impacted both revenue and non-interest
expense for our International Card business.
|
|
|
(5)
|
Calculated based on
annualized interest income for the period divided 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.
|
|
|
(6)
|
Calculated based on
annualized total net revenue for the period divided by average
loans held for investment during the period for the specified loan
category.
|
|
|
(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 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.
|
|
|
(10)
|
Includes
restructuring charges for employee severance and related
benefits.
|
|
|
|
|
|
|
|
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)
|
|
June
30,
2015
|
|
March
31,
2015
|
|
December
31,
2014
|
|
September
30,
2014
|
|
June
30,
2014
|
Regulatory Capital
Metrics
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1
capital
|
|
$
|
29,804
|
|
|
$
|
29,671
|
|
|
$
|
29,534
|
|
|
$
|
29,116
|
|
|
$
|
28,774
|
|
Tier 1
capital
|
|
32,614
|
|
|
31,493
|
|
|
31,355
|
|
|
30,451
|
|
|
30,111
|
|
Total risk-based
capital(2)
|
|
37,114
|
|
|
35,878
|
|
|
35,879
|
|
|
34,860
|
|
|
34,743
|
|
Risk-weighted
assets(3)
|
|
246,030
|
|
|
238,011
|
|
|
236,944
|
|
|
228,759
|
|
|
226,172
|
|
Average assets for
the leverage ratio
|
|
293,291
|
|
|
295,556
|
|
|
291,243
|
|
|
286,070
|
|
|
281,345
|
|
Capital
Ratios
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1
capital ratio(4)
|
|
12.1%
|
|
|
12.5%
|
|
|
12.5%
|
|
|
12.7%
|
|
|
12.7%
|
|
Tier 1 risk-based
capital ratio(5)
|
|
13.3
|
|
|
13.2
|
|
|
13.2
|
|
|
13.3
|
|
|
13.3
|
|
Total risk-based
capital ratio(6)
|
|
15.1
|
|
|
15.1
|
|
|
15.1
|
|
|
15.2
|
|
|
15.4
|
|
Tier 1 leverage
ratio(7)
|
|
11.1
|
|
|
10.7
|
|
|
10.8
|
|
|
10.6
|
|
|
10.7
|
|
Tangible common
equity ("TCE") ratio(8)
|
|
9.7
|
|
|
9.8
|
|
|
9.5
|
|
|
9.6
|
|
|
9.5
|
|
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.
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2015
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2015
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2014
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2014
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2014
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(Dollars in
millions) (unaudited)
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Q2
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Q1
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Q4
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Q3
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Q2
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Tangible Common
Equity (Period End)
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Stockholders'
equity
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$
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46,659
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$
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45,730
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$
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45,053
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$
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44,018
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$
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43,815
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Goodwill and
intangible assets(9)
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(15,240)
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(15,307)
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(15,383)
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(15,472)
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(15,564)
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Noncumulative
perpetual preferred stock(10)
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(2,810)
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(1,822)
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(1,822)
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(1,336)
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(1,338)
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Tangible common
equity
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$
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28,609
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$
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28,601
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$
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27,848
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$
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27,210
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$
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26,913
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Tangible Common
Equity (Average)
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Average stockholders'
equity
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$
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47,255
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$
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46,397
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$
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45,576
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$
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44,827
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$
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43,767
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Average goodwill and
intangible assets(9)
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(15,256)
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(15,339)
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(15,437)
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(15,525)
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(15,615)
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Noncumulative
perpetual preferred stock(10)
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(2,377)
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(1,822)
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(1,681)
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(1,338)
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(970)
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Average tangible
common equity
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$
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29,622
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$
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29,236
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$
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28,458
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$
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27,964
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$
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27,182
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2015
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2015
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2014
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2014
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2014
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(Dollars in
millions) (unaudited)
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Q2
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Q1
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Q4
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Q3
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Q2
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Tangible Assets
(Period End)
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Total
assets(11)
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$
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310,510
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$
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306,224
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$
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308,167
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$
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299,640
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$
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297,434
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Goodwill and
intangible assets(9)
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(15,240)
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(15,307)
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(15,383)
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(15,472)
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(15,564)
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Tangible
assets(11)
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$
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295,270
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$
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290,917
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$
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292,784
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$
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284,168
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$
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281,870
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Tangible Assets
(Average)
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Average total
assets(11)
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$
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307,206
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$
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309,401
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$
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304,153
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$
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298,913
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$
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294,089
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Average goodwill and
intangible assets(9)
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(15,256)
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(15,339)
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(15,437)
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(15,525)
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(15,615)
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Average tangible
assets(11)
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$
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291,950
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$
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294,062
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$
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288,716
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$
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283,388
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$
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278,474
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Common Equity Tier
1 Capital Ratio Under Basel III Standardized
Approach
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(Dollars in
millions) (unaudited)
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June
30,
2015
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March
31,
2015
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December
31, 2014
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September
30, 2014
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June
30,
2014
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Common equity
excluding AOCI
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$
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44,246
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$
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44,120
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$
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43,661
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$
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43,241
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$
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42,848
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Adjustments:
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AOCI(12)(13)
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(128)
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(26)
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(69)
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(146)
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6
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Goodwill(9)
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(13,809)
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(13,801)
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(13,805)
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(13,801)
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(13,811)
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Intangible
assets(9)(13)
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(413)
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(450)
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(243)
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(266)
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(289)
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Other
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(92)
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(172)
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(10)
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88
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20
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Common equity Tier 1
capital
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$
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29,804
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$
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29,671
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$
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29,534
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$
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29,116
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$
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28,774
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Risk-weighted
assets(3)
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$
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246,030
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$
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238,011
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$
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236,944
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$
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228,759
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$
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226,172
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Common equity Tier 1
capital ratio(4)
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12.1%
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12.5%
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12.5%
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12.7%
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12.7%
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__________
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(1)
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Regulatory capital
metrics and capital ratios as of the end of Q2 2015 are preliminary
and therefore subject to change.
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(2)
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Total risk-based
capital equals the sum of Tier 1 capital and Tier 2
capital.
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(3)
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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.
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(4)
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Common equity Tier 1
capital ratio is a regulatory measure calculated based on Common
equity Tier 1 capital divided by risk-weighted assets.
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(5)
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Tier 1 risk-based
capital ratio is a regulatory capital measure calculated based on
Tier 1 capital divided by risk-weighted assets.
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(6)
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Total risk-based
capital ratio is a regulatory capital measure calculated based on
Total risk-based capital divided by risk-weighted
assets.
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(7)
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Tier 1 leverage ratio
is a regulatory capital measure calculated based on Tier 1 capital
divided by average assets, after certain adjustments.
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(8)
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TCE ratio is a
non-GAAP measure calculated based on TCE divided by tangible
assets.
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(9)
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Includes impact of
related deferred taxes.
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(10)
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Includes related
surplus.
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(11)
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As of January 1,
2015, we changed our accounting principle from a gross basis of
presentation to a net basis, for presenting qualifying derivative
assets and liabilities, as well as the related right to reclaim
cash collateral or obligation to return cash collateral. Prior
period results, excluding regulatory ratios, have been recast to
conform to this presentation.
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(12)
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Amounts presented are
net of tax.
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(13)
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Amounts based on
transition provisions for regulatory capital deductions and
adjustments of 20% for 2014 and 40% for 2015.
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/capital-one-reports-second-quarter-2015-net-income-of-863-million-or-150-per-share-300118070.html
SOURCE Capital One Financial Corporation