MCLEAN, Va., Jan. 26, 2016 /PRNewswire/ -- Capital One
Financial Corporation (NYSE: COF) today announced net income for
the fourth quarter of 2015 of $920
million, or $1.58 per diluted
common share, compared to the third quarter of 2015 with net income
of $1.1 billion, or $1.98 per diluted common share, and the fourth
quarter of 2014 with net income of $999
million, or $1.73 per diluted
common share.
Net income, excluding adjustments(1) for the fourth
quarter of 2015 was $966 million or
$1.67 per diluted common share.
Adjustments are comprised of charges totaling $72 million associated with (i) closing the GE
Healthcare acquisition and establishing an initial allowance and
reserve related to the loans acquired; (ii) certain planned site
closures; and (iii) revisions to the restructuring charges recorded
in Q2 2015 to reflect updated information.
"The headline for 2015 was industry-leading growth in Domestic
Card loans and purchase volumes," said Richard D. Fairbank, Chairman and Chief
Executive Officer. "Our 2015 results and the choices that
drove them have put us in a strong position to deliver attractive
shareholder returns, driven by growth and sustainable returns at
the higher end of banks, as well as significant capital
distribution, subject to regulatory approval."
All comparisons below are for the full year of 2015 compared to
the full year of 2014 unless otherwise noted.
2015 Full Year Income Statement Summary:
- Total net revenue increased 5 percent to $23.4 billion, including ($86) million of contra-revenue from a build in
the U.K. Payment Protection Insurance customer refund reserve
("U.K. PPI Reserve").
- Total non-interest expense increased 7 percent to $13.0 billion:
- 12 percent increase in marketing.
- 7 percent increase in operating expenses, including
$150 million in restructuring and
related site closure charges, $61
million build in the U.K. PPI Reserve, and $20 million of charges associated with closing
the GE Healthcare acquisition.
- Pre-provision earnings increased 3 percent to $10.4 billion.
- Provision for credit losses increased 28 percent to
$4.5 billion.
- Efficiency ratio of 55.51 percent; Efficiency ratio excluding
restructuring and site closure charges, the build in the U.K. PPI
Reserve and charges associated with the closing of the GE
Healthcare acquisition was 54.32 percent.
All comparisons below are for the fourth quarter of 2015
compared to the third quarter of 2015 unless otherwise noted.
Fourth Quarter 2015 Income Statement Summary:
- Total net revenue increased 5 percent to $6.2 billion.
- Total non-interest expense increased 10 percent to $3.5 billion:
- 35 percent increase in marketing.
- 7 percent increase in operating expenses.
- Pre-provision earnings decreased 1 percent to $2.7 billion.
- Provision for credit losses increased 26 percent to
$1.4 billion.
- Net interest margin of 6.79 percent, up 6 basis
points.
All comparisons below are as of December
31, 2015 as compared to December 31,
2014 unless otherwise noted.
Fourth Quarter 2015 Balance Sheet Summary:
- Common equity Tier 1 capital ratio under Basel III Standardized
Approach of 11.1 percent at December 31,
2015.
- Period-end loans held for investment in the quarter increased
$16.5 billion, or 8 percent, to
$229.9 billion.
- Domestic Card period-end loans increased $5.8 billion, or 7 percent, to $87.9 billion.
- Consumer Banking period-end loans decreased $618 million, or less than 1 percent, to
$70.4 billion:
- Auto period-end loans increased $497
million, or 1 percent, to $41.5
billion.
- Home loans period-end loans decreased $1.1 billion, or 4 percent, to $25.2 billion, driven by run-off of acquired
portfolios.
- Commercial Banking period-end loans increased $11.2 billion, or 21 percent, to $63.3 billion, including the acquired GE
Healthcare loans.
- Average loans held for investment in the quarter increased
$8.8 billion, or 4 percent, to
$220.1 billion.
- Domestic Card average loans increased $3.4 billion, or 4 percent, to $83.8 billion.
- Consumer Banking average loans decreased $393 million, or less than 1 percent, to
$70.7 billion:
- Auto average loans increased $773
million, or 2 percent, to $41.3
billion.
- Home loans average loans decreased by $1.2 billion, or 4 percent, to $25.8 billion, driven by run-off of acquired
portfolios.
- Commercial Banking average loans increased $5.8 billion, or 11 percent, to $57.4 billion, including the acquired GE
Healthcare loans.
- Period-end total deposits increased $4.8
billion, or 2 percent, to $217.7
billion, while average deposits increased $4.9 billion, or 2 percent to $215.9 billion.
- Interest-bearing deposit rate remained flat at 0.58
percent.
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on
January 26, 2016 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
February 9, 2016 at 5:00 PM Eastern Time.
Forward-Looking Statements
Certain statements in this release may constitute
forward-looking statements, which involve a number of risks and
uncertainties. 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 $217.7
billion in deposits and $334.0
billion in total assets as of December 31, 2015.
Headquartered in McLean, Virginia,
Capital One offers a broad spectrum of financial products and
services to consumers, small businesses and commercial clients
through a variety of channels. Capital One, N.A. has branches
located primarily in New York,
New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company,
Capital One trades on the New York Stock Exchange under the symbol
"COF" and is included in the S&P 100 index.
(1) Net income excluding adjustments is a non-GAAP
measure, which we believe is helpful for investors to understand
the effect of the excluded items on our reported results. See Table
5 in Exhibit 99.2 for a reconciliation to the reported results on a
GAAP basis.
Exhibit
99.2
|
Capital One
Financial Corporation
|
Financial
Supplement
|
Fourth
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 Annual Report on Form 10-K for the period ended
December 31, 2015 once it is filed with the Securities and
Exchange Commission.
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 1: Financial
Summary—Consolidated(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q4
vs.
|
|
Year
Ended
|
|
(Dollars in
millions, except per share data and as noted)
(unaudited)
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
2015
vs.
|
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2015
|
|
2014
|
|
2014
|
|
Income
Statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
4,961
|
|
|
$
|
4,760
|
|
|
$
|
4,537
|
|
|
$
|
4,576
|
|
|
$
|
4,656
|
|
|
4%
|
|
|
7%
|
|
|
$
|
18,834
|
|
|
$
|
17,818
|
|
|
6%
|
|
Non-interest
income
|
|
1,233
|
|
|
1,140
|
|
|
1,135
|
|
|
1,071
|
|
|
1,157
|
|
|
8
|
|
|
7
|
|
|
4,579
|
|
|
4,472
|
|
|
2
|
|
Total net
revenue(2)
|
|
6,194
|
|
|
5,900
|
|
|
5,672
|
|
|
5,647
|
|
|
5,813
|
|
|
5
|
|
|
7
|
|
|
23,413
|
|
|
22,290
|
|
|
5
|
|
Provision for credit
losses
|
|
1,380
|
|
|
1,092
|
|
|
1,129
|
|
|
935
|
|
|
1,109
|
|
|
26
|
|
|
24
|
|
|
4,536
|
|
|
3,541
|
|
|
28
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing
|
|
564
|
|
|
418
|
|
|
387
|
|
|
375
|
|
|
509
|
|
|
35
|
|
|
11
|
|
|
1,744
|
|
|
1,561
|
|
|
12
|
|
Amortization of
intangibles
|
|
103
|
|
|
106
|
|
|
111
|
|
|
110
|
|
|
123
|
|
|
(3)
|
|
|
(16)
|
|
|
430
|
|
|
532
|
|
|
(19)
|
|
Operating
expenses
|
|
2,813
|
|
|
2,636
|
|
|
2,809
|
|
|
2,564
|
|
|
2,652
|
|
|
7
|
|
|
6
|
|
|
10,822
|
|
|
10,087
|
|
|
7
|
|
Total non-interest
expense
|
|
3,480
|
|
|
3,160
|
|
|
3,307
|
|
|
3,049
|
|
|
3,284
|
|
|
10
|
|
|
6
|
|
|
12,996
|
|
|
12,180
|
|
|
7
|
|
Income from
continuing operations before income taxes
|
|
1,334
|
|
|
1,648
|
|
|
1,236
|
|
|
1,663
|
|
|
1,420
|
|
|
(19)
|
|
|
(6)
|
|
|
5,881
|
|
|
6,569
|
|
|
(10)
|
|
Income tax
provision
|
|
426
|
|
|
530
|
|
|
384
|
|
|
529
|
|
|
450
|
|
|
(20)
|
|
|
(5)
|
|
|
1,869
|
|
|
2,146
|
|
|
(13)
|
|
Income from
continuing operations, net of tax
|
|
908
|
|
|
1,118
|
|
|
852
|
|
|
1,134
|
|
|
970
|
|
|
(19)
|
|
|
(6)
|
|
|
4,012
|
|
|
4,423
|
|
|
(9)
|
|
Income (loss) from
discontinued operations, net of tax(3)
|
|
12
|
|
|
(4)
|
|
|
11
|
|
|
19
|
|
|
29
|
|
|
**
|
|
|
(59)
|
|
|
38
|
|
|
5
|
|
|
**
|
|
Net income
|
|
920
|
|
|
1,114
|
|
|
863
|
|
|
1,153
|
|
|
999
|
|
|
(17)
|
|
|
(8)
|
|
|
4,050
|
|
|
4,428
|
|
|
(9)
|
|
Dividends and
undistributed earnings allocated to participating
securities(4)
|
|
(4)
|
|
|
(6)
|
|
|
(4)
|
|
|
(6)
|
|
|
(4)
|
|
|
(33)
|
|
|
—
|
|
|
(20)
|
|
|
(18)
|
|
|
11
|
|
Preferred stock
dividends(4)
|
|
(68)
|
|
|
(29)
|
|
|
(29)
|
|
|
(32)
|
|
|
(21)
|
|
|
134
|
|
|
224
|
|
|
(158)
|
|
|
(67)
|
|
|
136
|
|
Net income available
to common stockholders
|
|
$
|
848
|
|
|
$
|
1,079
|
|
|
$
|
830
|
|
|
$
|
1,115
|
|
|
$
|
974
|
|
|
(21)
|
|
|
(13)
|
|
|
$
|
3,872
|
|
|
$
|
4,343
|
|
|
(11)
|
|
Common Share
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share:(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
|
1.58
|
|
|
$
|
2.01
|
|
|
$
|
1.50
|
|
|
$
|
2.00
|
|
|
$
|
1.71
|
|
|
(21)%
|
|
|
(8)%
|
|
|
$
|
7.08
|
|
|
$
|
7.70
|
|
|
(8)%
|
|
Income (loss) from
discontinued operations
|
|
0.02
|
|
|
(0.01)
|
|
|
0.02
|
|
|
0.03
|
|
|
0.05
|
|
|
**
|
|
|
(60)
|
|
|
0.07
|
|
|
0.01
|
|
|
**
|
|
Net income per basic
common share
|
|
$
|
1.60
|
|
|
$
|
2.00
|
|
|
$
|
1.52
|
|
|
$
|
2.03
|
|
|
$
|
1.76
|
|
|
(20)
|
|
|
(9)
|
|
|
$
|
7.15
|
|
|
$
|
7.71
|
|
|
(7)
|
|
Diluted earnings
per common share:(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
|
1.56
|
|
|
$
|
1.99
|
|
|
$
|
1.48
|
|
|
$
|
1.97
|
|
|
$
|
1.68
|
|
|
(22)
|
|
|
(7)
|
|
|
$
|
7.00
|
|
|
$
|
7.58
|
|
|
(8)
|
|
Income (loss) from
discontinued operations
|
|
0.02
|
|
|
(0.01)
|
|
|
0.02
|
|
|
0.03
|
|
|
0.05
|
|
|
**
|
|
|
(60)
|
|
|
0.07
|
|
|
0.01
|
|
|
**
|
|
Net income per
diluted common share(5)
|
|
$
|
1.58
|
|
|
$
|
1.98
|
|
|
$
|
1.50
|
|
|
$
|
2.00
|
|
|
$
|
1.73
|
|
|
(20)
|
|
|
(9)
|
|
|
$
|
7.07
|
|
|
$
|
7.59
|
|
|
(7)
|
|
Weighted-average
common shares outstanding (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
530.8
|
|
|
540.6
|
|
|
545.6
|
|
|
550.2
|
|
|
554.3
|
|
|
(2)
|
|
|
(4)
|
|
|
541.8
|
|
|
563.1
|
|
|
(4)
|
|
Diluted
|
|
536.3
|
|
|
546.3
|
|
|
552.0
|
|
|
557.2
|
|
|
561.8
|
|
|
(2)
|
|
|
(5)
|
|
|
548.0
|
|
|
571.9
|
|
|
(4)
|
|
Common shares
outstanding (period end, in millions)
|
|
527.3
|
|
|
534.9
|
|
|
542.5
|
|
|
548.0
|
|
|
553.4
|
|
|
(1)
|
|
|
(5)
|
|
|
527.3
|
|
|
553.4
|
|
|
(5)
|
|
Dividends paid per
common share
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
—
|
|
|
33
|
|
|
$
|
1.50
|
|
|
$
|
1.20
|
|
|
25
|
|
Tangible book value
per common share (period end)(6)
|
|
53.65
|
|
|
54.66
|
|
|
52.74
|
|
|
52.19
|
|
|
50.32
|
|
|
(2)
|
|
|
7
|
|
|
53.65
|
|
|
50.32
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q4
vs.
|
|
|
Year
Ended
|
(Dollars in
millions) (unaudited)
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
2015
vs.
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
|
2015
|
|
2014
|
|
2014
|
Balance Sheet
(Period End)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
investment(7)
|
|
$
|
229,851
|
|
|
$
|
213,329
|
|
|
$
|
209,705
|
|
|
$
|
203,978
|
|
|
$
|
208,316
|
|
|
8%
|
|
|
10%
|
|
|
$
|
229,851
|
|
|
$
|
208,316
|
|
|
10%
|
Interest-earning
assets
|
|
302,007
|
|
|
283,073
|
|
|
280,137
|
|
|
275,837
|
|
|
277,849
|
|
|
7
|
|
|
9
|
|
|
302,007
|
|
|
277,849
|
|
|
9
|
Total
assets
|
|
334,048
|
|
|
313,700
|
|
|
310,510
|
|
|
306,224
|
|
|
308,167
|
|
|
6
|
|
|
8
|
|
|
334,048
|
|
|
308,167
|
|
|
8
|
Interest-bearing
deposits
|
|
191,874
|
|
|
187,848
|
|
|
183,657
|
|
|
185,208
|
|
|
180,467
|
|
|
2
|
|
|
6
|
|
|
191,874
|
|
|
180,467
|
|
|
6
|
Total
deposits
|
|
217,721
|
|
|
212,903
|
|
|
208,780
|
|
|
210,440
|
|
|
205,548
|
|
|
2
|
|
|
6
|
|
|
217,721
|
|
|
205,548
|
|
|
6
|
Borrowings
|
|
59,115
|
|
|
42,778
|
|
|
45,766
|
|
|
41,029
|
|
|
48,457
|
|
|
38
|
|
|
22
|
|
|
59,115
|
|
|
48,457
|
|
|
22
|
Common
equity
|
|
43,990
|
|
|
44,391
|
|
|
43,849
|
|
|
43,908
|
|
|
43,231
|
|
|
(1)
|
|
|
2
|
|
|
43,990
|
|
|
43,231
|
|
|
2
|
Total stockholders'
equity
|
|
47,284
|
|
|
47,685
|
|
|
46,659
|
|
|
45,730
|
|
|
45,053
|
|
|
(1)
|
|
|
5
|
|
|
47,284
|
|
|
45,053
|
|
|
5
|
Balance Sheet
(Average Balances)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
investment(7)
|
|
$
|
220,052
|
|
|
$
|
211,227
|
|
|
$
|
206,337
|
|
|
$
|
205,194
|
|
|
$
|
203,436
|
|
|
4%
|
|
|
8%
|
|
|
$
|
210,745
|
|
|
$
|
197,925
|
|
|
6%
|
Interest-earning
assets
|
|
292,054
|
|
|
283,082
|
|
|
276,585
|
|
|
278,427
|
|
|
273,436
|
|
|
3
|
|
|
7
|
|
|
282,581
|
|
|
267,174
|
|
|
6
|
Total
assets
|
|
323,354
|
|
|
313,822
|
|
|
307,206
|
|
|
309,401
|
|
|
304,153
|
|
|
3
|
|
|
6
|
|
|
313,474
|
|
|
297,659
|
|
|
5
|
Interest-bearing
deposits
|
|
189,885
|
|
|
185,800
|
|
|
183,946
|
|
|
182,998
|
|
|
179,401
|
|
|
2
|
|
|
6
|
|
|
185,677
|
|
|
181,036
|
|
|
3
|
Total
deposits
|
|
215,899
|
|
|
210,974
|
|
|
209,143
|
|
|
207,851
|
|
|
205,355
|
|
|
2
|
|
|
5
|
|
|
210,989
|
|
|
205,675
|
|
|
3
|
Borrowings
|
|
48,850
|
|
|
45,070
|
|
|
41,650
|
|
|
46,082
|
|
|
43,479
|
|
|
8
|
|
|
12
|
|
|
45,420
|
|
|
38,882
|
|
|
17
|
Common
equity
|
|
45,418
|
|
|
45,407
|
|
|
44,878
|
|
|
44,575
|
|
|
43,895
|
|
|
—
|
|
|
3
|
|
|
45,072
|
|
|
43,055
|
|
|
5
|
Total stockholders'
equity
|
|
48,712
|
|
|
48,456
|
|
|
47,255
|
|
|
46,397
|
|
|
45,576
|
|
|
1
|
|
|
7
|
|
|
47,713
|
|
|
44,268
|
|
|
8
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 2: Selected
Metrics—Consolidated(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q4
vs.
|
|
Year
Ended
|
(Dollars in
millions except as noted) (unaudited)
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
2015
vs.
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2015
|
|
2014
|
|
2014
|
Performance
Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
growth (period over period)
|
|
4%
|
|
|
5%
|
|
|
(1)%
|
|
|
(2)%
|
|
|
4%
|
|
|
**
|
|
|
**
|
|
|
6%
|
|
|
(2)%
|
|
|
**
|
|
Non-interest income
growth (period over period)
|
|
8
|
|
|
—
|
|
|
6
|
|
|
(7)
|
|
|
1
|
|
|
**
|
|
|
**
|
|
|
2
|
|
|
5
|
|
|
**
|
|
Total net revenue
growth (period over period)
|
|
5
|
|
|
4
|
|
|
—
|
|
|
(3)
|
|
|
3
|
|
|
**
|
|
|
**
|
|
|
5
|
|
|
—
|
|
|
**
|
|
Total net revenue
margin(8)
|
|
8.48
|
|
|
8.34
|
|
|
8.20
|
|
|
8.11
|
|
|
8.50
|
|
|
14
|
bps
|
|
(2)
|
bps
|
|
8.29
|
|
|
8.34
|
|
|
(5)
|
bps
|
Net interest
margin(9)
|
|
6.79
|
|
|
6.73
|
|
|
6.56
|
|
|
6.57
|
|
|
6.81
|
|
|
6
|
|
|
(2)
|
|
|
6.66
|
|
|
6.67
|
|
|
(1)
|
|
Return on average
assets
|
|
1.12
|
|
|
1.43
|
|
|
1.11
|
|
|
1.47
|
|
|
1.28
|
|
|
(31)
|
|
|
(16)
|
|
|
1.28
|
|
|
1.49
|
|
|
(21)
|
|
Return on average
tangible assets(10)
|
|
1.18
|
|
|
1.50
|
|
|
1.17
|
|
|
1.54
|
|
|
1.34
|
|
|
(32)
|
|
|
(16)
|
|
|
1.35
|
|
|
1.57
|
|
|
(22)
|
|
Return on average
common equity(11)
|
|
7.36
|
|
|
9.54
|
|
|
7.30
|
|
|
9.84
|
|
|
8.61
|
|
|
(218)
|
|
|
(125)
|
|
|
8.51
|
|
|
10.08
|
|
|
(157)
|
|
Return on average
tangible common equity(12)
|
|
11.11
|
|
|
14.33
|
|
|
11.06
|
|
|
15.00
|
|
|
13.28
|
|
|
(322)
|
|
|
(217)
|
|
|
12.87
|
|
|
15.79
|
|
|
(292)
|
|
Non-interest expense
as a percentage of average loans held for investment
|
|
6.33
|
|
|
5.98
|
|
|
6.41
|
|
|
5.94
|
|
|
6.46
|
|
|
35
|
|
|
(13)
|
|
|
6.17
|
|
|
6.15
|
|
|
2
|
|
Efficiency
ratio(13)
|
|
56.18
|
|
|
53.56
|
|
|
58.30
|
|
|
53.99
|
|
|
56.49
|
|
|
262
|
|
|
(31)
|
|
|
55.51
|
|
|
54.64
|
|
|
87
|
|
Effective income tax
rate for continuing operations
|
|
31.9
|
|
|
32.2
|
|
|
31.1
|
|
|
31.8
|
|
|
31.7
|
|
|
(30)
|
|
|
20
|
|
|
31.8
|
|
|
32.7
|
|
|
(90)
|
|
Employees (in
thousands), period end
|
|
45.4
|
|
|
46.9
|
|
|
47.5
|
|
|
47.0
|
|
|
46.0
|
|
|
(3)%
|
|
|
(1)%
|
|
|
45.4
|
|
|
46.0
|
|
|
(1)%
|
|
Credit Quality
Metrics(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
and lease losses
|
|
$
|
5,130
|
|
|
$
|
4,847
|
|
|
$
|
4,676
|
|
|
$
|
4,405
|
|
|
$
|
4,383
|
|
|
6%
|
|
|
17%
|
|
|
$
|
5,130
|
|
|
$
|
4,383
|
|
|
17%
|
|
Allowance as a
percentage of loans held for investment
|
|
2.23%
|
|
|
2.27%
|
|
|
2.23%
|
|
|
2.16%
|
|
|
2.10%
|
|
|
(4)
|
bps
|
|
13
|
bps
|
|
2.23%
|
|
|
2.10%
|
|
|
13
|
bps
|
Net
charge-offs
|
|
$
|
1,078
|
|
|
$
|
890
|
|
|
$
|
846
|
|
|
$
|
881
|
|
|
$
|
915
|
|
|
21%
|
|
|
18%
|
|
|
$
|
3,695
|
|
|
$
|
3,414
|
|
|
8%
|
|
Net charge-off
rate(14)
|
|
1.96%
|
|
|
1.69%
|
|
|
1.64%
|
|
|
1.72%
|
|
|
1.80%
|
|
|
27
|
bps
|
|
16
|
bps
|
|
1.75%
|
|
|
1.72%
|
|
|
3
|
bps
|
30+ day performing
delinquency rate
|
|
2.69
|
|
|
2.63
|
|
|
2.33
|
|
|
2.32
|
|
|
2.62
|
|
|
6
|
|
|
7
|
|
|
2.69
|
|
|
2.62
|
|
|
7
|
|
30+ day delinquency
rate
|
|
3.00
|
|
|
2.95
|
|
|
2.65
|
|
|
2.58
|
|
|
2.91
|
|
|
5
|
|
|
9
|
|
|
3.00
|
|
|
2.91
|
|
|
9
|
|
Capital
Ratios(15)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1
capital ratio
|
|
11.1%
|
|
|
12.1%
|
|
|
12.1%
|
|
|
12.5%
|
|
|
12.5%
|
|
|
(100)
|
bps
|
|
(140)
|
bps
|
|
11.1%
|
|
|
12.5%
|
|
|
(140)
|
bps
|
Tier 1 capital
ratio
|
|
12.3
|
|
|
13.4
|
|
|
13.3
|
|
|
13.2
|
|
|
13.2
|
|
|
(110)
|
|
|
(90)
|
|
|
12.3
|
|
|
13.2
|
|
|
(90)
|
|
Total capital
ratio
|
|
14.6
|
|
|
15.1
|
|
|
15.1
|
|
|
15.1
|
|
|
15.1
|
|
|
(50)
|
|
|
(50)
|
|
|
14.6
|
|
|
15.1
|
|
|
(50)
|
|
Tier 1 leverage
ratio
|
|
10.6
|
|
|
11.1
|
|
|
11.1
|
|
|
10.7
|
|
|
10.8
|
|
|
(50)
|
|
|
(20)
|
|
|
10.6
|
|
|
10.8
|
|
|
(20)
|
|
Tangible common
equity ("TCE") ratio(16)
|
|
8.9
|
|
|
9.8
|
|
|
9.7
|
|
|
9.8
|
|
|
9.5
|
|
|
(90)
|
|
|
(60)
|
|
|
8.9
|
|
|
9.5
|
|
|
(60)
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 3:
Consolidated Statements of Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
2015 Q4
vs.
|
|
Year
Ended
|
|
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
2015
vs.
|
(Dollars in
millions, except per share data and as noted)
(unaudited)
|
|
Q4
|
|
Q3
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2015
|
|
2014
|
|
2014
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
loans held for sale
|
|
$
|
4,961
|
|
|
$
|
4,753
|
|
|
$
|
4,613
|
|
|
4%
|
|
|
8%
|
|
|
$
|
18,785
|
|
|
$
|
17,662
|
|
|
6%
|
|
Investment
securities
|
|
401
|
|
|
386
|
|
|
405
|
|
|
4
|
|
|
(1)
|
|
|
1,575
|
|
|
1,628
|
|
|
(3)
|
|
Other
|
|
22
|
|
|
25
|
|
|
27
|
|
|
(12)
|
|
|
(19)
|
|
|
99
|
|
|
107
|
|
|
(7)
|
|
Total interest
income
|
|
5,384
|
|
|
5,164
|
|
|
5,045
|
|
|
4
|
|
|
7
|
|
|
20,459
|
|
|
19,397
|
|
|
5
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
277
|
|
|
271
|
|
|
269
|
|
|
2
|
|
|
3
|
|
|
1,091
|
|
|
1,088
|
|
|
—
|
|
Securitized debt
obligations
|
|
43
|
|
|
39
|
|
|
36
|
|
|
10
|
|
|
19
|
|
|
151
|
|
|
145
|
|
|
4
|
|
Senior and
subordinated notes
|
|
89
|
|
|
82
|
|
|
73
|
|
|
9
|
|
|
22
|
|
|
330
|
|
|
299
|
|
|
10
|
|
Other
borrowings
|
|
14
|
|
|
12
|
|
|
11
|
|
|
17
|
|
|
27
|
|
|
53
|
|
|
47
|
|
|
13
|
|
Total interest
expense
|
|
423
|
|
|
404
|
|
|
389
|
|
|
5
|
|
|
9
|
|
|
1,625
|
|
|
1,579
|
|
|
3
|
|
Net interest
income
|
|
4,961
|
|
|
4,760
|
|
|
4,656
|
|
|
4
|
|
|
7
|
|
|
18,834
|
|
|
17,818
|
|
|
6
|
|
Provision for credit
losses
|
|
1,380
|
|
|
1,092
|
|
|
1,109
|
|
|
26
|
|
|
24
|
|
|
4,536
|
|
|
3,541
|
|
|
28
|
|
Net interest income
after provision for credit losses
|
|
3,581
|
|
|
3,668
|
|
|
3,547
|
|
|
(2)
|
|
|
1
|
|
|
14,298
|
|
|
14,277
|
|
|
—
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and
other customer-related fees
|
|
426
|
|
|
423
|
|
|
462
|
|
|
1
|
|
|
(8)
|
|
|
1,715
|
|
|
1,867
|
|
|
(8)
|
|
Interchange fees,
net
|
|
617
|
|
|
555
|
|
|
523
|
|
|
11
|
|
|
18
|
|
|
2,235
|
|
|
2,021
|
|
|
11
|
|
Net
other-than-temporary impairment recognized in earnings
|
|
(3)
|
|
|
(5)
|
|
|
(9)
|
|
|
(40)
|
|
|
(67)
|
|
|
(30)
|
|
|
(24)
|
|
|
25
|
|
Other
|
|
193
|
|
|
167
|
|
|
181
|
|
|
16
|
|
|
7
|
|
|
659
|
|
|
608
|
|
|
8
|
|
Total non-interest
income
|
|
1,233
|
|
|
1,140
|
|
|
1,157
|
|
|
8
|
|
|
7
|
|
|
4,579
|
|
|
4,472
|
|
|
2
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
associate benefits
|
|
1,215
|
|
|
1,189
|
|
|
1,179
|
|
|
2
|
|
|
3
|
|
|
4,975
|
|
|
4,593
|
|
|
8
|
|
Occupancy and
equipment
|
|
511
|
|
|
444
|
|
|
474
|
|
|
15
|
|
|
8
|
|
|
1,829
|
|
|
1,745
|
|
|
5
|
|
Marketing
|
|
564
|
|
|
418
|
|
|
509
|
|
|
35
|
|
|
11
|
|
|
1,744
|
|
|
1,561
|
|
|
12
|
|
Professional
services
|
|
349
|
|
|
313
|
|
|
329
|
|
|
12
|
|
|
6
|
|
|
1,292
|
|
|
1,216
|
|
|
6
|
|
Communications and
data processing
|
|
247
|
|
|
226
|
|
|
203
|
|
|
9
|
|
|
22
|
|
|
883
|
|
|
798
|
|
|
11
|
|
Amortization of
intangibles
|
|
103
|
|
|
106
|
|
|
123
|
|
|
(3)
|
|
|
(16)
|
|
|
430
|
|
|
532
|
|
|
(19)
|
|
Other
|
|
491
|
|
|
464
|
|
|
467
|
|
|
6
|
|
|
5
|
|
|
1,843
|
|
|
1,735
|
|
|
6
|
|
Total non-interest
expense
|
|
3,480
|
|
|
3,160
|
|
|
3,284
|
|
|
10
|
|
|
6
|
|
|
12,996
|
|
|
12,180
|
|
|
7
|
|
Income from
continuing operations before income taxes
|
|
1,334
|
|
|
1,648
|
|
|
1,420
|
|
|
(19)
|
|
|
(6)
|
|
|
5,881
|
|
|
6,569
|
|
|
(10)
|
|
Income tax
provision
|
|
426
|
|
|
530
|
|
|
450
|
|
|
(20)
|
|
|
(5)
|
|
|
1,869
|
|
|
2,146
|
|
|
(13)
|
|
Income from
continuing operations, net of tax
|
|
908
|
|
|
1,118
|
|
|
970
|
|
|
(19)
|
|
|
(6)
|
|
|
4,012
|
|
|
4,423
|
|
|
(9)
|
|
Income (loss) from
discontinued operations, net of tax(3)
|
|
12
|
|
|
(4)
|
|
|
29
|
|
|
**
|
|
|
(59)
|
|
|
38
|
|
|
5
|
|
|
**
|
|
Net
income
|
|
920
|
|
|
1,114
|
|
|
999
|
|
|
(17)
|
|
|
(8)
|
|
|
4,050
|
|
|
4,428
|
|
|
(9)
|
|
Dividends and
undistributed earnings allocated to participating
securities(4)
|
|
(4)
|
|
|
(6)
|
|
|
(4)
|
|
|
(33)
|
|
|
—
|
|
|
(20)
|
|
|
(18)
|
|
|
11
|
|
Preferred stock
dividends(4)
|
|
(68)
|
|
|
(29)
|
|
|
(21)
|
|
|
134
|
|
|
224
|
|
|
(158)
|
|
|
(67)
|
|
|
136
|
|
Net income
available to common stockholders
|
|
$
|
848
|
|
|
$
|
1,079
|
|
|
$
|
974
|
|
|
(21)
|
|
|
(13)
|
|
|
$
|
3,872
|
|
|
$
|
4,343
|
|
|
(11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
2015 Q4
vs.
|
|
Year
Ended
|
|
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
2015
vs.
|
(Dollars in
millions, except per share data and as noted)
(unaudited)
|
|
Q4
|
|
Q3
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2015
|
|
2014
|
|
2014
|
Basic earnings per
common share:(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
|
1.58
|
|
|
$
|
2.01
|
|
|
$
|
1.71
|
|
|
(21)%
|
|
|
(8)%
|
|
|
$
|
7.08
|
|
|
$
|
7.70
|
|
|
(8)%
|
|
Income (loss) from
discontinued operations
|
|
0.02
|
|
|
(0.01)
|
|
|
0.05
|
|
|
**
|
|
|
(60)
|
|
|
0.07
|
|
|
0.01
|
|
|
**
|
|
Net income per basic
common share
|
|
$
|
1.60
|
|
|
$
|
2.00
|
|
|
$
|
1.76
|
|
|
(20)
|
|
|
(9)
|
|
|
$
|
7.15
|
|
|
$
|
7.71
|
|
|
(7)
|
|
Diluted earnings
per common share:(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
|
1.56
|
|
|
$
|
1.99
|
|
|
$
|
1.68
|
|
|
(22)
|
|
|
(7)
|
|
|
$
|
7.00
|
|
|
$
|
7.58
|
|
|
(8)
|
|
Income (loss) from
discontinued operations
|
|
0.02
|
|
|
(0.01)
|
|
|
0.05
|
|
|
**
|
|
|
(60)
|
|
|
0.07
|
|
|
0.01
|
|
|
**
|
|
Net income per
diluted common share(5)
|
|
$
|
1.58
|
|
|
$
|
1.98
|
|
|
$
|
1.73
|
|
|
(20)
|
|
|
(9)
|
|
|
$
|
7.07
|
|
|
$
|
7.59
|
|
|
(7)
|
|
Weighted average
common shares outstanding (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic common
shares
|
|
530.8
|
|
|
540.6
|
|
|
554.3
|
|
|
(2)
|
|
|
(4)
|
|
|
541.8
|
|
|
563.1
|
|
|
(4)
|
|
Diluted common
shares
|
|
536.3
|
|
|
546.3
|
|
|
561.8
|
|
|
(2)
|
|
|
(5)
|
|
|
548.0
|
|
|
571.9
|
|
|
(4)
|
|
Dividends paid per
common share
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
0.30
|
|
|
—
|
|
|
33
|
|
|
$
|
1.50
|
|
|
$
|
1.20
|
|
|
25
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 4:
Consolidated Balance
Sheets(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015
vs.
|
(Dollars in
millions) (unaudited)
|
|
December 31,
2015
|
|
September 30,
2015
|
|
December 31,
2014
|
|
September 30,
2015
|
|
December 31,
2014
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
3,407
|
|
|
$
|
2,701
|
|
|
$
|
3,147
|
|
|
26%
|
|
|
8%
|
|
Interest-bearing
deposits with banks
|
|
4,577
|
|
|
3,952
|
|
|
4,095
|
|
|
16
|
|
|
12
|
|
Federal funds sold
and securities purchased under agreements to resell
|
|
39
|
|
|
184
|
|
|
0
|
|
|
(79)
|
|
|
**
|
|
Total cash and cash
equivalents
|
|
8,023
|
|
|
6,837
|
|
|
7,242
|
|
|
17
|
|
|
11
|
|
Restricted cash for
securitization investors
|
|
1,017
|
|
|
586
|
|
|
234
|
|
|
74
|
|
|
**
|
|
Securities available
for sale, at fair value
|
|
39,061
|
|
|
39,431
|
|
|
39,508
|
|
|
(1)
|
|
|
(1)
|
|
Securities held to
maturity, at carrying value
|
|
24,619
|
|
|
23,711
|
|
|
22,500
|
|
|
4
|
|
|
9
|
|
Loans held for
investment:(7)
|
|
|
|
|
|
|
|
|
|
|
Unsecuritized loans
held for investment
|
|
196,068
|
|
|
179,748
|
|
|
171,771
|
|
|
9
|
|
|
14
|
|
Restricted loans for
securitization investors
|
|
33,783
|
|
|
33,581
|
|
|
36,545
|
|
|
1
|
|
|
(8)
|
|
Total loans held for
investment
|
|
229,851
|
|
|
213,329
|
|
|
208,316
|
|
|
8
|
|
|
10
|
|
Allowance for loan
and lease losses
|
|
(5,130)
|
|
|
(4,847)
|
|
|
(4,383)
|
|
|
6
|
|
|
17
|
|
Net loans held for
investment
|
|
224,721
|
|
|
208,482
|
|
|
203,933
|
|
|
8
|
|
|
10
|
|
Loans held for sale,
at lower of cost or fair value
|
|
904
|
|
|
566
|
|
|
626
|
|
|
60
|
|
|
44
|
|
Premises and
equipment, net
|
|
3,584
|
|
|
3,629
|
|
|
3,685
|
|
|
(1)
|
|
|
(3)
|
|
Interest
receivable
|
|
1,189
|
|
|
1,101
|
|
|
1,079
|
|
|
8
|
|
|
10
|
|
Goodwill
|
|
14,480
|
|
|
13,983
|
|
|
13,978
|
|
|
4
|
|
|
4
|
|
Other
assets
|
|
16,450
|
|
|
15,374
|
|
|
15,382
|
|
|
7
|
|
|
7
|
|
Total
assets
|
|
$
|
334,048
|
|
|
$
|
313,700
|
|
|
$
|
308,167
|
|
|
6
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015
vs.
|
(Dollars in
millions) (unaudited)
|
|
December 31,
2015
|
|
September 30,
2015
|
|
December 31,
2014
|
|
September 30,
2015
|
|
December 31,
2014
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
Interest
payable
|
|
$
|
299
|
|
|
$
|
198
|
|
|
$
|
254
|
|
|
51%
|
|
|
18%
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
25,847
|
|
|
25,055
|
|
|
25,081
|
|
|
3
|
|
|
3
|
|
Interest-bearing
deposits
|
|
191,874
|
|
|
187,848
|
|
|
180,467
|
|
|
2
|
|
|
6
|
|
Total
deposits
|
|
217,721
|
|
|
212,903
|
|
|
205,548
|
|
|
2
|
|
|
6
|
|
Securitized debt
obligations
|
|
16,166
|
|
|
15,656
|
|
|
11,624
|
|
|
3
|
|
|
39
|
|
Other
debt:
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities loaned or sold under agreements to
repurchase
|
|
981
|
|
|
1,021
|
|
|
880
|
|
|
(4)
|
|
|
11
|
|
Senior and
subordinated notes
|
|
21,837
|
|
|
21,773
|
|
|
18,684
|
|
|
—
|
|
|
17
|
|
Other
borrowings
|
|
20,131
|
|
|
4,328
|
|
|
17,269
|
|
|
**
|
|
|
17
|
|
Total other
debt
|
|
42,949
|
|
|
27,122
|
|
|
36,833
|
|
|
58
|
|
|
17
|
|
Other
liabilities
|
|
9,629
|
|
|
10,136
|
|
|
8,855
|
|
|
(5)
|
|
|
9
|
|
Total
liabilities
|
|
286,764
|
|
|
266,015
|
|
|
263,114
|
|
|
8
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
0
|
|
|
0
|
|
|
0
|
|
|
—
|
|
|
—
|
|
Common
stock
|
|
6
|
|
|
6
|
|
|
6
|
|
|
—
|
|
|
—
|
|
Additional paid-in
capital, net
|
|
29,655
|
|
|
29,594
|
|
|
27,869
|
|
|
—
|
|
|
6
|
|
Retained
earnings
|
|
27,045
|
|
|
26,407
|
|
|
23,973
|
|
|
2
|
|
|
13
|
|
Accumulated other
comprehensive loss
|
|
(616)
|
|
|
(142)
|
|
|
(430)
|
|
|
**
|
|
|
43
|
|
Treasury stock, at
cost
|
|
(8,806)
|
|
|
(8,180)
|
|
|
(6,365)
|
|
|
8
|
|
|
38
|
|
Total
stockholders' equity
|
|
47,284
|
|
|
47,685
|
|
|
45,053
|
|
|
(1)
|
|
|
5
|
|
Total liabilities
and stockholders' equity
|
|
$
|
334,048
|
|
|
$
|
313,700
|
|
|
$
|
308,167
|
|
|
6
|
|
|
8
|
|
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)
|
Total net revenue was
reduced by $222 million in Q4 2015, $195 million in Q3 2015, $168
million in Q2 2015, $147 million in Q1 2015 and $165 million in Q4
2014 for the estimated uncollectible amount of billed finance
charges and fees.
|
|
|
(3)
|
Historically, the
majority of the (benefit) provision for representation and warranty
losses is included net of tax in discontinued operations. The
(benefit) provision for mortgage representation and warranty losses
included the following activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
(Dollars in
millions) (unaudited)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
(Benefit) provision
for mortgage representation and warranty losses before income
taxes:
|
|
|
|
|
|
|
|
|
|
|
Recorded in
continuing operations
|
|
$
|
(1)
|
|
|
$
|
(7)
|
|
|
$
|
(9)
|
|
|
$
|
1
|
|
|
$
|
(11)
|
|
Recorded in
discontinued operations
|
|
(21)
|
|
|
3
|
|
|
(27)
|
|
|
(19)
|
|
|
(41)
|
|
Total (benefit)
provision for mortgage representation and warranty losses before
income taxes
|
|
$
|
(22)
|
|
|
$
|
(4)
|
|
|
$
|
(36)
|
|
|
$
|
(18)
|
|
|
$
|
(52)
|
|
|
The mortgage
representation and warranty reserve was $610 million as of
December 31, 2015, $632 million as of September 30, 2015
and $731 million as of December 31, 2014.
|
|
|
(4)
|
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.
|
|
|
(5)
|
On December 1, 2015,
we completed the acquisition of Healthcare Financial Services
business of General Electric Capital Corporation ("GE Healthcare
acquisition"). In Q4 2015, we recorded charges totaling $72 million
associated with (i) closing the acquisition of Healthcare Financial
Services business of General Electric Capital Corporation ("GE
Healthcare acquisition") and establishing an initial allowance and
reserve related to the loans acquired; (ii) certain planned site
closures; and (iii) revisions to the restructuring charges recorded
in Q2 2015 to reflect updated information. We recorded a build in
the U.K. Payment Protection Insurance customer refund reserve
("U.K. PPI Reserve") of $69 million in Q3 2015 and $78 million in
Q2 2015. In Q2 2015, we also recorded restructuring charges of $147
million for severance and related benefits pursuant to our ongoing
benefit programs, as a result of the realignment of our workforce.
We report the following non-GAAP financial measures that we believe
are helpful for investors to understand the effect of the excluded
items on our reported results. The table below presents a
reconciliation of our reported results to these non-GAAP financial
measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
Q4
|
|
2015
Q3
|
|
2015
Q2
|
|
Year
Ended December 31,
2015
|
(Dollars in
millions, except per share data) (unaudited)
|
|
Pre-Tax
Income
|
|
Net
Income
|
|
Diluted
EPS
|
|
Pre-Tax
Income
|
|
Net
Income
|
|
Diluted
EPS
|
|
Pre-Tax
Income
|
|
Net
Income
|
|
Diluted
EPS
|
|
Pre-Tax
Income
|
|
Net
Income
|
|
Diluted
EPS
|
Reported
results
|
|
$
|
1,334
|
|
|
$
|
920
|
|
|
$
|
1.58
|
|
|
$
|
1,648
|
|
|
$
|
1,114
|
|
|
$
|
1.98
|
|
|
$
|
1,236
|
|
|
$
|
863
|
|
|
$
|
1.50
|
|
|
$
|
5,881
|
|
|
$
|
4,050
|
|
|
$
|
7.07
|
|
Adjustments
|
|
72
|
|
|
46
|
|
|
0.09
|
|
|
69
|
|
|
69
|
|
|
0.12
|
|
|
225
|
|
|
155
|
|
|
0.28
|
|
|
366
|
|
|
270
|
|
|
0.49
|
|
Results excluding
adjustments
|
|
$
|
1,406
|
|
|
$
|
966
|
|
|
$
|
1.67
|
|
|
$
|
1,717
|
|
|
$
|
1,183
|
|
|
$
|
2.10
|
|
|
$
|
1,461
|
|
|
$
|
1,018
|
|
|
$
|
1.78
|
|
|
$
|
6,247
|
|
|
$
|
4,320
|
|
|
$
|
7.56
|
|
|
|
|
|
(6)
|
Tangible book value
per common share is a non-GAAP measure calculated based on tangible
common equity divided by common shares outstanding. See "Table 14:
Reconciliation of Non-GAAP Measures and Calculation of Regulatory
Capital
Measures" for additional information on tangible common
equity.
|
|
|
(7)
|
Included in loans
held for investment are acquired loans 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). These include certain of our
consumer and commercial loans that were acquired through business
acquisitions. The table below presents amounts related to acquired
loans accounted for under SOP 03-3:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
(Dollars in
millions) (unaudited)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
Acquired loans
accounted for under SOP 03-3:
|
|
|
|
|
|
|
|
|
|
|
Period-end unpaid
principal balance
|
|
$
|
20,434
|
|
|
$
|
20,585
|
|
|
$
|
21,841
|
|
|
$
|
23,248
|
|
|
$
|
24,473
|
|
Period-end loans held
for investment
|
|
19,518
|
|
|
19,743
|
|
|
20,970
|
|
|
22,334
|
|
|
23,500
|
|
Average loans held
for investment
|
|
19,319
|
|
|
20,116
|
|
|
21,440
|
|
|
22,773
|
|
|
23,907
|
|
|
|
(8)
|
Calculated based on
annualized total net revenue for the period divided by average
interest-earning assets for the period.
|
|
|
(9)
|
Calculated based on
annualized net interest income for the period divided by average
interest-earning assets for the period.
|
|
|
(10)
|
Calculated based on
annualized income from continuing operations, net of tax, for the
period divided by average tangible assets for the period. Return on
average tangible assets is a non-GAAP measure. See "Table 14:
Reconciliation of Non-GAAP Measures and Calculation of Regulatory
Capital Measures" for additional information.
|
|
|
(11)
|
Calculated based on
the annualized sum of (i) income from continuing operations, net of
tax; (ii) less dividends and undistributed earnings allocated to
participating securities; (iii) less preferred stock dividends, for
the period, divided by average common equity for the period. Our
calculation of return on average common equity may not be
comparable to similarly titled measures reported by other
companies.
|
|
|
(12)
|
Calculated based on
the annualized sum of (i) income from continuing operations, net of
tax; (ii) less dividends and undistributed earnings allocated to
participating securities; (iii) less preferred stock dividends, for
the period, divided by average tangible common equity for the
period. Return on average tangible common equity is a non-GAAP
measure and our calculation may not be comparable to similarly
titled measures reported by other companies. See "Table 14:
Reconciliation of Non-GAAP Measures and Calculation of Regulatory
Capital Measures" for additional information.
|
|
|
(13)
|
Calculated based on
total non-interest expense for the period divided by total net
revenue for the period. The efficiency ratio, excluding the
adjustments discussed above in Footnote 5, was 55.82% for Q4 2015,
52.78% for Q3 2015, 54.63% for Q2 2015 and 54.32% for the year
ended December 31, 2015.
|
|
|
(14)
|
Calculated based on
annualized net charge-offs for the period divided by average loans
held for investment for the period.
|
|
|
(15)
|
Ratios as of the end
of Q4 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.
|
|
|
(16)
|
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
Q4
|
|
2015
Q3
|
|
2014
Q4
|
(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
|
|
$
|
220,760
|
|
$
|
4,961
|
|
8.99%
|
|
$
|
212,076
|
|
$
|
4,753
|
|
8.96%
|
|
$
|
204,137
|
|
$
|
4,613
|
|
9.04%
|
Investment
securities
|
|
64,444
|
|
401
|
|
2.49
|
|
|
63,541
|
|
386
|
|
2.43
|
|
|
62,952
|
|
|
405
|
|
2.57
|
Cash equivalents and
other
|
|
6,850
|
|
22
|
|
1.28
|
|
|
7,465
|
|
25
|
|
1.34
|
|
|
6,347
|
|
|
27
|
|
1.70
|
Total
interest-earning assets
|
|
$
|
292,054
|
|
$
|
5,384
|
|
7.37
|
|
$
|
283,082
|
|
$
|
5,164
|
|
7.30
|
|
$
|
273,436
|
|
$
|
5,045
|
|
7.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
$
|
189,885
|
|
$
|
277
|
|
0.58%
|
|
$
|
185,800
|
|
$
|
271
|
|
0.58%
|
|
$
|
179,401
|
|
$
|
269
|
|
0.60%
|
Securitized debt
obligations
|
|
15,993
|
|
43
|
|
1.08
|
|
|
14,881
|
|
39
|
|
1.05
|
|
|
11,479
|
|
|
36
|
|
1.25
|
Senior and
subordinated notes
|
|
21,987
|
|
89
|
|
1.62
|
|
|
20,806
|
|
82
|
|
1.58
|
|
|
18,680
|
|
|
73
|
|
1.56
|
Other borrowings and
liabilities
|
|
11,542
|
|
14
|
|
0.49
|
|
|
10,114
|
|
12
|
|
0.47
|
|
|
14,058
|
|
|
11
|
|
0.31
|
Total
interest-bearing liabilities
|
|
$
|
239,407
|
|
$
|
423
|
|
0.71
|
|
$
|
231,601
|
|
$
|
404
|
|
0.70
|
|
$
|
223,618
|
|
$
|
389
|
|
0.70
|
Net interest
income/spread
|
|
|
|
$
|
4,961
|
|
6.66
|
|
|
|
|
$
|
4,760
|
|
6.60
|
|
|
|
$
|
4,656
|
|
6.68
|
Impact of
non-interest bearing funding
|
|
|
|
|
|
0.13
|
|
|
|
|
|
|
0.13
|
|
|
|
|
|
|
|
0.13
|
Net interest
margin
|
|
|
|
|
|
6.79%
|
|
|
|
|
|
|
6.73%
|
|
|
|
|
|
|
|
6.81%
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
|
|
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
|
|
$
|
211,549
|
|
$
|
18,785
|
|
8.88%
|
|
$
|
198,419
|
|
$
|
17,662
|
|
8.90%
|
Investment
securities
|
|
63,738
|
|
1,575
|
|
2.47
|
|
|
62,547
|
|
|
1,628
|
|
2.60
|
Cash equivalents and
other
|
|
7,294
|
|
99
|
|
1.36
|
|
|
6,208
|
|
|
107
|
|
1.72
|
Total
interest-earning assets
|
|
$
|
282,581
|
|
$
|
20,459
|
|
7.24
|
|
$
|
267,174
|
|
$
|
19,397
|
|
7.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
$
|
185,677
|
|
$
|
1,091
|
|
0.59%
|
|
$
|
181,036
|
|
$
|
1,088
|
|
0.60%
|
Securitized debt
obligations
|
|
13,929
|
|
151
|
|
1.08
|
|
|
10,686
|
|
|
145
|
|
1.36
|
Senior and
subordinated notes
|
|
20,935
|
|
330
|
|
1.58
|
|
|
16,543
|
|
|
299
|
|
1.81
|
Other borrowings and
liabilities
|
|
11,297
|
|
53
|
|
0.47
|
|
|
12,325
|
|
|
47
|
|
0.38
|
Total
interest-bearing liabilities
|
|
$
|
231,838
|
|
$
|
1,625
|
|
0.70
|
|
$
|
220,590
|
|
$
|
1,579
|
|
0.72
|
Net interest
income/spread
|
|
|
|
$
|
18,834
|
|
6.54
|
|
|
|
|
$
|
17,818
|
|
6.54
|
Impact of
non-interest bearing funding
|
|
|
|
|
|
0.12
|
|
|
|
|
|
|
|
0.13
|
Net interest
margin
|
|
|
|
|
|
6.66%
|
|
|
|
|
|
|
|
6.67%
|
__________
|
(1)
|
Interest income and
interest expense and the calculation of average yields on
interest-earning assets and average rates on interest-bearing
liabilities include the impact of hedge accounting.
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 7: Loan
Information and Performance Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q4
vs.
|
|
Year
Ended
|
(Dollars in
millions) (unaudited)
|
|
2015
Q4
|
|
2015
Q3
|
|
2015
Q2
|
|
2015
Q1
|
|
2014
Q4
|
|
2015
Q3
|
|
2014
Q4
|
|
2015
|
|
2014
|
|
2015 vs.
2014
|
Loans Held For
Investment (Period End)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic credit card
|
|
$
|
87,939
|
|
|
$
|
82,178
|
|
|
$
|
78,984
|
|
|
$
|
74,131
|
|
|
$
|
77,704
|
|
|
7%
|
|
|
13%
|
|
|
$
|
87,939
|
|
|
$
|
77,704
|
|
|
13%
|
|
International credit
card
|
|
8,186
|
|
|
7,957
|
|
|
8,219
|
|
|
7,623
|
|
|
8,172
|
|
|
3
|
|
|
—
|
|
|
8,186
|
|
|
8,172
|
|
|
—
|
|
Total credit
card
|
|
96,125
|
|
|
90,135
|
|
|
87,203
|
|
|
81,754
|
|
|
85,876
|
|
|
7
|
|
|
12
|
|
|
96,125
|
|
|
85,876
|
|
|
12
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
41,549
|
|
|
41,052
|
|
|
39,991
|
|
|
38,937
|
|
|
37,824
|
|
|
1
|
|
|
10
|
|
|
41,549
|
|
|
37,824
|
|
|
10
|
|
Home loan
|
|
25,227
|
|
|
26,340
|
|
|
27,595
|
|
|
28,905
|
|
|
30,035
|
|
|
(4)
|
|
|
(16)
|
|
|
25,227
|
|
|
30,035
|
|
|
(16)
|
|
Retail banking
|
|
3,596
|
|
|
3,598
|
|
|
3,590
|
|
|
3,537
|
|
|
3,580
|
|
|
—
|
|
|
—
|
|
|
3,596
|
|
|
3,580
|
|
|
—
|
|
Total consumer
banking
|
|
70,372
|
|
|
70,990
|
|
|
71,176
|
|
|
71,379
|
|
|
71,439
|
|
|
(1)
|
|
|
(1)
|
|
|
70,372
|
|
|
71,439
|
|
|
(1)
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real
estate
|
|
25,518
|
|
|
23,585
|
|
|
22,886
|
|
|
22,831
|
|
|
23,137
|
|
|
8
|
|
|
10
|
|
|
25,518
|
|
|
23,137
|
|
|
10
|
|
Commercial and
industrial
|
|
37,135
|
|
|
27,873
|
|
|
27,660
|
|
|
27,172
|
|
|
26,972
|
|
|
33
|
|
|
38
|
|
|
37,135
|
|
|
26,972
|
|
|
38
|
|
Total commercial
lending
|
|
62,653
|
|
|
51,458
|
|
|
50,546
|
|
|
50,003
|
|
|
50,109
|
|
|
22
|
|
|
25
|
|
|
62,653
|
|
|
50,109
|
|
|
25
|
|
Small-ticket commercial real
estate
|
|
613
|
|
|
654
|
|
|
685
|
|
|
738
|
|
|
781
|
|
|
(6)
|
|
|
(22)
|
|
|
613
|
|
|
781
|
|
|
(22)
|
|
Total commercial
banking
|
|
63,266
|
|
|
52,112
|
|
|
51,231
|
|
|
50,741
|
|
|
50,890
|
|
|
21
|
|
|
24
|
|
|
63,266
|
|
|
50,890
|
|
|
24
|
|
Other
loans
|
|
88
|
|
|
92
|
|
|
95
|
|
|
104
|
|
|
111
|
|
|
(4)
|
|
|
(21)
|
|
|
88
|
|
|
111
|
|
|
(21)
|
|
Total loans held for
investment
|
|
$
|
229,851
|
|
|
$
|
213,329
|
|
|
$
|
209,705
|
|
|
$
|
203,978
|
|
|
$
|
208,316
|
|
|
8
|
|
|
10
|
|
|
$
|
229,851
|
|
|
$
|
208,316
|
|
|
10
|
|
Loans Held For
Investment (Average)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic credit card
|
|
$
|
83,760
|
|
|
$
|
80,402
|
|
|
$
|
75,924
|
|
|
$
|
74,770
|
|
|
$
|
74,026
|
|
|
4%
|
|
|
13%
|
|
|
$
|
78,743
|
|
|
$
|
71,262
|
|
|
10%
|
|
International credit
card
|
|
8,127
|
|
|
8,048
|
|
|
7,977
|
|
|
7,811
|
|
|
7,714
|
|
|
1
|
|
|
5
|
|
|
7,992
|
|
|
7,684
|
|
|
4
|
|
Total credit
card
|
|
91,887
|
|
|
88,450
|
|
|
83,901
|
|
|
82,581
|
|
|
81,740
|
|
|
4
|
|
|
12
|
|
|
86,735
|
|
|
78,946
|
|
|
10
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
41,333
|
|
|
40,560
|
|
|
39,546
|
|
|
38,387
|
|
|
37,072
|
|
|
2
|
|
|
11
|
|
|
39,967
|
|
|
34,769
|
|
|
15
|
|
Home loan
|
|
25,776
|
|
|
26,934
|
|
|
28,251
|
|
|
29,493
|
|
|
30,604
|
|
|
(4)
|
|
|
(16)
|
|
|
27,601
|
|
|
32,589
|
|
|
(15)
|
|
Retail banking
|
|
3,595
|
|
|
3,603
|
|
|
3,570
|
|
|
3,561
|
|
|
3,578
|
|
|
—
|
|
|
—
|
|
|
3,582
|
|
|
3,606
|
|
|
(1)
|
|
Total consumer
banking
|
|
70,704
|
|
|
71,097
|
|
|
71,367
|
|
|
71,441
|
|
|
71,254
|
|
|
(1)
|
|
|
(1)
|
|
|
71,150
|
|
|
70,964
|
|
|
—
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real
estate
|
|
25,613
|
|
|
23,305
|
|
|
22,853
|
|
|
23,120
|
|
|
23,129
|
|
|
10
|
|
|
11
|
|
|
23,728
|
|
|
22,003
|
|
|
8
|
|
Commercial and
industrial
|
|
31,132
|
|
|
27,620
|
|
|
27,414
|
|
|
27,190
|
|
|
26,409
|
|
|
13
|
|
|
18
|
|
|
28,349
|
|
|
25,028
|
|
|
13
|
|
Total commercial
lending
|
|
56,745
|
|
|
50,925
|
|
|
50,267
|
|
|
50,310
|
|
|
49,538
|
|
|
11
|
|
|
15
|
|
|
52,077
|
|
|
47,031
|
|
|
11
|
|
Small-ticket commercial real
estate
|
|
634
|
|
|
667
|
|
|
709
|
|
|
760
|
|
|
801
|
|
|
(5)
|
|
|
(21)
|
|
|
692
|
|
|
868
|
|
|
(20)
|
|
Total commercial
banking
|
|
57,379
|
|
|
51,592
|
|
|
50,976
|
|
|
51,070
|
|
|
50,339
|
|
|
11
|
|
|
14
|
|
|
52,769
|
|
|
47,899
|
|
|
10
|
|
Other
loans
|
|
82
|
|
|
88
|
|
|
93
|
|
|
102
|
|
|
103
|
|
|
(7)
|
|
|
(20)
|
|
|
91
|
|
|
116
|
|
|
(22)
|
|
Total average loans
held for investment
|
|
$
|
220,052
|
|
|
$
|
211,227
|
|
|
$
|
206,337
|
|
|
$
|
205,194
|
|
|
$
|
203,436
|
|
|
4
|
|
|
8
|
|
|
$
|
210,745
|
|
|
$
|
197,925
|
|
|
6
|
|
Net Charge-Off
(Recovery) Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic credit card
|
|
3.75%
|
|
|
3.08%
|
|
|
3.42%
|
|
|
3.55%
|
|
|
3.39%
|
|
|
67
|
bps
|
|
36
|
bps
|
|
3.45%
|
|
|
3.43%
|
|
|
2
|
bps
|
International credit
card
|
|
2.76
|
|
|
1.80
|
|
|
2.65
|
|
|
2.80
|
|
|
3.34
|
|
|
96
|
|
|
(58)
|
|
|
2.50
|
|
|
3.69
|
|
|
(119)
|
|
Total credit
card
|
|
3.66
|
|
|
2.96
|
|
|
3.35
|
|
|
3.48
|
|
|
3.38
|
|
|
70
|
|
|
28
|
|
|
3.36
|
|
|
3.46
|
|
|
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q4
vs.
|
|
Year
Ended
|
(Dollars in
millions) (unaudited)
|
|
2015
Q4
|
|
2015
Q3
|
|
2015
Q2
|
|
2015
Q1
|
|
2014
Q4
|
|
2015
Q3
|
|
2014
Q4
|
|
2015
|
|
2014
|
|
2015 vs.
2014
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
2.10%
|
|
|
1.85%
|
|
|
1.22%
|
|
|
1.55%
|
|
|
2.14%
|
|
25
|
bps
|
|
(4)
|
bps
|
|
1.69%
|
|
|
1.78%
|
|
|
(9)
|
bps
|
Home loan
|
|
0.05
|
|
|
0.01
|
|
|
0.04
|
|
|
0.03
|
|
|
0.07
|
|
4
|
|
|
(2)
|
|
|
0.03
|
|
|
0.05
|
|
|
(2)
|
|
Retail banking
|
|
1.43
|
|
|
1.53
|
|
|
1.39
|
|
|
0.96
|
|
|
1.28
|
|
(10)
|
|
|
15
|
|
|
1.33
|
|
|
1.07
|
|
|
26
|
|
Total consumer
banking
|
|
1.32
|
|
|
1.14
|
|
|
0.76
|
|
|
0.89
|
|
|
1.20
|
|
18
|
|
|
12
|
|
|
1.03
|
|
|
0.95
|
|
|
8
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real
estate
|
|
(0.03)
|
|
|
(0.15)
|
|
|
(0.04)
|
|
|
(0.03)
|
|
|
0.01
|
|
12
|
|
|
**
|
|
|
(0.06)
|
|
|
(0.02)
|
|
|
(4)
|
|
Commercial and
industrial
|
|
0.07
|
|
|
0.61
|
|
|
0.13
|
|
|
0.05
|
|
|
0.10
|
|
(54)
|
|
|
(3)
|
|
|
0.21
|
|
|
0.04
|
|
|
17
|
|
Total commercial
lending
|
|
0.02
|
|
|
0.26
|
|
|
0.05
|
|
|
0.01
|
|
|
0.06
|
|
(24)
|
|
|
(4)
|
|
|
0.09
|
|
|
0.01
|
|
|
8
|
|
Small-ticket commercial real
estate
|
|
0.34
|
|
|
0.50
|
|
|
0.15
|
|
|
0.47
|
|
|
0.80
|
|
(16)
|
|
|
(46)
|
|
|
0.36
|
|
|
0.52
|
|
|
(16)
|
|
Total commercial
banking
|
|
0.03
|
|
|
0.26
|
|
|
0.05
|
|
|
0.02
|
|
|
0.07
|
|
(23)
|
|
|
(4)
|
|
|
0.09
|
|
|
0.02
|
|
|
7
|
|
Other
loans
|
|
(2.53)
|
|
|
(5.50)
|
|
|
(0.79)
|
|
|
1.56
|
|
|
0.47
|
|
297
|
|
|
**
|
|
|
(1.66)
|
|
|
0.36
|
|
|
**
|
|
Total net
charge-offs
|
|
1.96
|
|
|
1.69
|
|
|
1.64
|
|
|
1.72
|
|
|
1.80
|
|
27
|
|
|
16
|
|
|
1.75
|
|
|
1.72
|
|
|
3
|
|
30+ Day Performing
Delinquency Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic credit card
|
|
3.39%
|
|
|
3.28%
|
|
|
2.84%
|
|
|
2.92%
|
|
|
3.27%
|
|
11
|
bps
|
|
12
|
bps
|
|
3.39%
|
|
|
3.27%
|
|
|
12
|
bps
|
International credit
card
|
|
2.98
|
|
|
2.81
|
|
|
2.65
|
|
|
2.81
|
|
|
2.94
|
|
17
|
|
|
4
|
|
|
2.98
|
|
|
2.94
|
|
|
4
|
|
Total credit
card
|
|
3.36
|
|
|
3.24
|
|
|
2.82
|
|
|
2.91
|
|
|
3.24
|
|
12
|
|
|
12
|
|
|
3.36
|
|
|
3.24
|
|
|
12
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
6.69
|
|
|
6.10
|
|
|
5.58
|
|
|
5.21
|
|
|
6.57
|
|
59
|
|
|
12
|
|
|
6.69
|
|
|
6.57
|
|
|
12
|
|
Home loan
|
|
0.16
|
|
|
0.18
|
|
|
0.17
|
|
|
0.18
|
|
|
0.21
|
|
(2)
|
|
|
(5)
|
|
|
0.16
|
|
|
0.21
|
|
|
(5)
|
|
Retail banking
|
|
0.76
|
|
|
0.62
|
|
|
0.66
|
|
|
0.60
|
|
|
0.64
|
|
14
|
|
|
12
|
|
|
0.76
|
|
|
0.64
|
|
|
12
|
|
Total consumer
banking
|
|
4.05
|
|
|
3.62
|
|
|
3.24
|
|
|
2.95
|
|
|
3.60
|
|
43
|
|
|
45
|
|
|
4.05
|
|
|
3.60
|
|
|
45
|
|
Nonperforming
Loans and Nonperforming Assets
Rates(1)(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International credit
card
|
|
0.65%
|
|
|
0.77%
|
|
|
0.83%
|
|
|
0.84%
|
|
|
0.86%
|
|
(12)
|
bps
|
|
(21)
|
bps
|
|
0.65%
|
|
|
0.86%
|
|
|
(21)
|
bps
|
Total credit
card
|
|
0.06
|
|
|
0.07
|
|
|
0.08
|
|
|
0.08
|
|
|
0.08
|
|
(1)
|
|
|
(2)
|
|
|
0.06
|
|
|
0.08
|
|
|
(2)
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
0.53
|
|
|
0.49
|
|
|
0.40
|
|
|
0.31
|
|
|
0.52
|
|
4
|
|
|
1
|
|
|
0.53
|
|
|
0.52
|
|
|
1
|
|
Home loan
|
|
1.24
|
|
|
1.18
|
|
|
1.13
|
|
|
1.16
|
|
|
1.10
|
|
6
|
|
|
14
|
|
|
1.24
|
|
|
1.10
|
|
|
14
|
|
Retail banking
|
|
0.77
|
|
|
0.74
|
|
|
0.79
|
|
|
0.71
|
|
|
0.61
|
|
3
|
|
|
16
|
|
|
0.77
|
|
|
0.61
|
|
|
16
|
|
Total consumer
banking
|
|
0.80
|
|
|
0.76
|
|
|
0.70
|
|
|
0.67
|
|
|
0.77
|
|
4
|
|
|
3
|
|
|
0.80
|
|
|
0.77
|
|
|
3
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real
estate
|
|
0.03
|
|
|
0.03
|
|
|
0.12
|
|
|
0.18
|
|
|
0.27
|
|
—
|
|
|
(24)
|
|
|
0.03
|
|
|
0.27
|
|
|
(24)
|
|
Commercial and
industrial
|
|
1.45
|
|
|
1.58
|
|
|
1.56
|
|
|
0.39
|
|
|
0.39
|
|
(13)
|
|
|
106
|
|
|
1.45
|
|
|
0.39
|
|
|
106
|
|
Total commercial
lending
|
|
0.87
|
|
|
0.87
|
|
|
0.91
|
|
|
0.29
|
|
|
0.33
|
|
—
|
|
|
54
|
|
|
0.87
|
|
|
0.33
|
|
|
54
|
|
Small-ticket commercial real
estate
|
|
0.83
|
|
|
0.65
|
|
|
0.47
|
|
|
1.62
|
|
|
0.96
|
|
18
|
|
|
(13)
|
|
|
0.83
|
|
|
0.96
|
|
|
(13)
|
|
Total commercial
banking
|
|
0.87
|
|
|
0.87
|
|
|
0.90
|
|
|
0.31
|
|
|
0.34
|
|
—
|
|
|
53
|
|
|
0.87
|
|
|
0.34
|
|
|
53
|
|
Other
loans
|
|
12.35
|
|
|
12.10
|
|
|
10.68
|
|
|
13.33
|
|
|
13.37
|
|
25
|
|
|
(102)
|
|
|
12.35
|
|
|
13.37
|
|
|
(102)
|
|
Total nonperforming
loans
|
|
0.51
|
|
|
0.50
|
|
|
0.50
|
|
|
0.35
|
|
|
0.39
|
|
1
|
|
|
12
|
|
|
0.51
|
|
|
0.39
|
|
|
12
|
|
Total nonperforming
assets
|
|
0.65
|
|
|
0.64
|
|
|
0.64
|
|
|
0.50
|
|
|
0.54
|
|
1
|
|
|
11
|
|
|
0.65
|
|
|
0.54
|
|
|
11
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 8: Financial
Summary—Business Segment Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2015
|
|
Year Ended
December 31, 2015
|
(Dollars in
millions) (unaudited)
|
|
Total
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking
|
|
Other
|
|
Total
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking
|
|
Other
|
Net interest
income
|
|
$
|
4,961
|
|
|
$
|
2,996
|
|
|
$
|
1,434
|
|
|
$
|
484
|
|
|
$
|
47
|
|
|
$
|
18,834
|
|
|
$
|
11,161
|
|
|
$
|
5,755
|
|
|
$
|
1,865
|
|
|
$
|
53
|
|
Non-interest
income
|
|
1,233
|
|
|
902
|
|
|
182
|
|
|
142
|
|
|
7
|
|
|
4,579
|
|
|
3,421
|
|
|
710
|
|
|
487
|
|
|
(39)
|
|
Total net
revenue(3)
|
|
6,194
|
|
|
3,898
|
|
|
1,616
|
|
|
626
|
|
|
54
|
|
|
23,413
|
|
|
14,582
|
|
|
6,465
|
|
|
2,352
|
|
|
14
|
|
Provision (benefit)
for credit losses
|
|
1,380
|
|
|
1,022
|
|
|
240
|
|
|
118
|
|
|
—
|
|
|
4,536
|
|
|
3,417
|
|
|
819
|
|
|
302
|
|
|
(2)
|
|
Non-interest
expense
|
|
3,480
|
|
|
2,021
|
|
|
1,057
|
|
|
342
|
|
|
60
|
|
|
12,996
|
|
|
7,502
|
|
|
4,026
|
|
|
1,156
|
|
|
312
|
|
Income (loss) from
continuing operations before income taxes
|
|
1,334
|
|
|
855
|
|
|
319
|
|
|
166
|
|
|
(6)
|
|
|
5,881
|
|
|
3,663
|
|
|
1,620
|
|
|
894
|
|
|
(296)
|
|
Income tax provision
(benefit)
|
|
426
|
|
|
302
|
|
|
115
|
|
|
60
|
|
|
(51)
|
|
|
1,869
|
|
|
1,309
|
|
|
586
|
|
|
324
|
|
|
(350)
|
|
Income from
continuing operations, net of tax
|
|
$
|
908
|
|
|
$
|
553
|
|
|
$
|
204
|
|
|
$
|
106
|
|
|
$
|
45
|
|
|
$
|
4,012
|
|
|
$
|
2,354
|
|
|
$
|
1,034
|
|
|
$
|
570
|
|
|
$
|
54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions) (unaudited)
|
|
Total
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(expense)
|
|
$
|
4,760
|
|
|
$
|
2,866
|
|
|
$
|
1,443
|
|
|
$
|
454
|
|
|
$
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income
|
|
1,140
|
|
|
858
|
|
|
174
|
|
|
108
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenue
(loss)(3)
|
|
5,900
|
|
|
3,724
|
|
|
1,617
|
|
|
562
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for credit losses
|
|
1,092
|
|
|
831
|
|
|
188
|
|
|
75
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense
|
|
3,160
|
|
|
1,848
|
|
|
1,001
|
|
|
272
|
|
|
39
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations before income taxes
|
|
1,648
|
|
|
1,045
|
|
|
428
|
|
|
215
|
|
|
(40)
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
(benefit)
|
|
530
|
|
|
375
|
|
|
155
|
|
|
78
|
|
|
(78)
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations, net of tax
|
|
$
|
1,118
|
|
|
$
|
670
|
|
|
$
|
273
|
|
|
$
|
137
|
|
|
$
|
38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2014
|
|
Year Ended
December 31, 2014
|
(Dollars in
millions) (unaudited)
|
|
Total
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking
|
|
Other
|
|
Total
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking
|
|
Other
|
Net interest
income
|
|
$
|
4,656
|
|
|
$
|
2,697
|
|
|
$
|
1,459
|
|
|
$
|
455
|
|
|
$
|
45
|
|
|
$
|
17,818
|
|
|
$
|
10,310
|
|
|
$
|
5,748
|
|
|
$
|
1,751
|
|
|
$
|
9
|
|
Non-interest
income
|
|
1,157
|
|
|
841
|
|
|
185
|
|
|
132
|
|
|
(1)
|
|
|
4,472
|
|
|
3,311
|
|
|
684
|
|
|
450
|
|
|
27
|
|
Total net
revenue(3)
|
|
5,813
|
|
|
3,538
|
|
|
1,644
|
|
|
587
|
|
|
44
|
|
|
22,290
|
|
|
13,621
|
|
|
6,432
|
|
|
2,201
|
|
|
36
|
|
Provision (benefit)
for credit losses
|
|
1,109
|
|
|
856
|
|
|
222
|
|
|
32
|
|
|
(1)
|
|
|
3,541
|
|
|
2,750
|
|
|
703
|
|
|
93
|
|
|
(5)
|
|
Non-interest
expense
|
|
3,284
|
|
|
1,888
|
|
|
1,045
|
|
|
293
|
|
|
58
|
|
|
12,180
|
|
|
7,063
|
|
|
3,869
|
|
|
1,083
|
|
|
165
|
|
Income (loss) from
continuing operations before income taxes
|
|
1,420
|
|
|
794
|
|
|
377
|
|
|
262
|
|
|
(13)
|
|
|
6,569
|
|
|
3,808
|
|
|
1,860
|
|
|
1,025
|
|
|
(124)
|
|
Income tax provision
(benefit)
|
|
450
|
|
|
275
|
|
|
135
|
|
|
93
|
|
|
(53)
|
|
|
2,146
|
|
|
1,329
|
|
|
665
|
|
|
366
|
|
|
(214)
|
|
Income from
continuing operations, net of tax
|
|
$
|
970
|
|
|
$
|
519
|
|
|
$
|
242
|
|
|
$
|
169
|
|
|
$
|
40
|
|
|
$
|
4,423
|
|
|
$
|
2,479
|
|
|
$
|
1,195
|
|
|
$
|
659
|
|
|
$
|
90
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 9: Financial
& Statistical Summary—Credit Card Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q4
vs.
|
|
Year
Ended
|
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
2015
vs.
|
(Dollars in
millions) (unaudited)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2015
|
|
2014
|
|
2014
|
Credit
Card(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
2,996
|
|
|
$
|
2,866
|
|
|
$
|
2,633
|
|
|
$
|
2,666
|
|
|
$
|
2,697
|
|
|
5%
|
|
|
11%
|
|
|
$
|
11,161
|
|
|
$
|
10,310
|
|
|
8%
|
|
Non-interest
income
|
|
902
|
|
|
858
|
|
|
845
|
|
|
816
|
|
|
841
|
|
|
5
|
|
|
7
|
|
|
3,421
|
|
|
3,311
|
|
|
3
|
|
Total net
revenue
|
|
3,898
|
|
|
3,724
|
|
|
3,478
|
|
|
3,482
|
|
|
3,538
|
|
|
5
|
|
|
10
|
|
|
14,582
|
|
|
13,621
|
|
|
7
|
|
Provision for credit
losses
|
|
1,022
|
|
|
831
|
|
|
895
|
|
|
669
|
|
|
856
|
|
|
23
|
|
|
19
|
|
|
3,417
|
|
|
2,750
|
|
|
24
|
|
Non-interest
expense
|
|
2,021
|
|
|
1,848
|
|
|
1,857
|
|
|
1,776
|
|
|
1,888
|
|
|
9
|
|
|
7
|
|
|
7,502
|
|
|
7,063
|
|
|
6
|
|
Income from
continuing operations before income taxes
|
|
855
|
|
|
1,045
|
|
|
726
|
|
|
1,037
|
|
|
794
|
|
|
(18)
|
|
|
8
|
|
|
3,663
|
|
|
3,808
|
|
|
(4)
|
|
Income tax
provision
|
|
302
|
|
|
375
|
|
|
263
|
|
|
369
|
|
|
275
|
|
|
(19)
|
|
|
10
|
|
|
1,309
|
|
|
1,329
|
|
|
(2)
|
|
Income from
continuing operations, net of tax
|
|
$
|
553
|
|
|
$
|
670
|
|
|
$
|
463
|
|
|
$
|
668
|
|
|
$
|
519
|
|
|
(17)
|
|
|
7
|
|
|
$
|
2,354
|
|
|
$
|
2,479
|
|
|
(5)
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
96,125
|
|
|
$
|
90,135
|
|
|
$
|
87,203
|
|
|
$
|
81,754
|
|
|
$
|
85,876
|
|
|
7%
|
|
|
12%
|
|
|
$
|
96,125
|
|
|
$
|
85,876
|
|
|
12%
|
|
Average loans held
for investment
|
|
91,887
|
|
|
88,450
|
|
|
83,901
|
|
|
82,581
|
|
|
81,740
|
|
|
4
|
|
|
12
|
|
|
86,735
|
|
|
78,946
|
|
|
10
|
|
Average yield on
loans held for investment(5)
|
|
14.45%
|
|
|
14.39%
|
|
|
13.98%
|
|
|
14.30%
|
|
|
14.61%
|
|
|
6
|
bps
|
|
(16)
|
bps
|
|
14.28%
|
|
|
14.48%
|
|
|
(20)
|
bps
|
Total net revenue
margin(6)
|
|
16.97
|
|
|
16.84
|
|
|
16.58
|
|
|
16.87
|
|
|
17.31
|
|
|
13
|
|
|
(34)
|
|
|
16.81
|
|
|
17.25
|
|
|
(44)
|
|
Net charge-off
rate
|
|
3.66
|
|
|
2.96
|
|
|
3.35
|
|
|
3.48
|
|
|
3.38
|
|
|
70
|
|
|
28
|
|
|
3.36
|
|
|
3.46
|
|
|
(10)
|
|
30+ day performing
delinquency rate
|
|
3.36
|
|
|
3.24
|
|
|
2.82
|
|
|
2.91
|
|
|
3.24
|
|
|
12
|
|
|
12
|
|
|
3.36
|
|
|
3.24
|
|
|
12
|
|
30+ day delinquency
rate
|
|
3.40
|
|
|
3.29
|
|
|
2.88
|
|
|
2.97
|
|
|
3.30
|
|
|
11
|
|
|
10
|
|
|
3.40
|
|
|
3.30
|
|
|
10
|
|
Nonperforming loan
rate(1)
|
|
0.06
|
|
|
0.07
|
|
|
0.08
|
|
|
0.08
|
|
|
0.08
|
|
|
(1)
|
|
|
(2)
|
|
|
0.06
|
|
|
0.08
|
|
|
(2)
|
|
Card loan premium
amortization and other intangible
accretion(7)
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
7
|
|
|
$
|
11
|
|
|
$
|
11
|
|
|
—
|
|
|
(55)%
|
|
|
$
|
28
|
|
|
$
|
97
|
|
|
(71)%
|
|
PCCR intangible
amortization
|
|
74
|
|
|
78
|
|
|
80
|
|
|
84
|
|
|
87
|
|
|
(5)%
|
|
|
(15)
|
|
|
316
|
|
|
369
|
|
|
(14)
|
|
Purchase
volume(8)
|
|
75,350
|
|
|
69,875
|
|
|
68,559
|
|
|
57,383
|
|
|
63,484
|
|
|
8
|
|
|
19
|
|
|
271,167
|
|
|
224,750
|
|
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q4
vs.
|
|
Year
Ended
|
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
2015
vs.
|
(Dollars in
millions) (unaudited)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2015
|
|
2014
|
|
2014
|
Domestic
Card
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
2,718
|
|
|
$
|
2,613
|
|
|
$
|
2,395
|
|
|
$
|
2,421
|
|
|
$
|
2,432
|
|
|
4%
|
|
|
12%
|
|
|
$
|
10,147
|
|
|
$
|
9,241
|
|
|
10%
|
|
Non-interest
income
|
|
830
|
|
|
814
|
|
|
796
|
|
|
743
|
|
|
768
|
|
|
2
|
|
|
8
|
|
|
3,183
|
|
|
3,001
|
|
|
6
|
|
Total net
revenue
|
|
3,548
|
|
|
3,427
|
|
|
3,191
|
|
|
3,164
|
|
|
3,200
|
|
|
4
|
|
|
11
|
|
|
13,330
|
|
|
12,242
|
|
|
9
|
|
Provision for credit
losses
|
|
945
|
|
|
796
|
|
|
853
|
|
|
610
|
|
|
765
|
|
|
19
|
|
|
24
|
|
|
3,204
|
|
|
2,493
|
|
|
29
|
|
Non-interest
expense
|
|
1,796
|
|
|
1,630
|
|
|
1,621
|
|
|
1,580
|
|
|
1,676
|
|
|
10
|
|
|
7
|
|
|
6,627
|
|
|
6,264
|
|
|
6
|
|
Income from
continuing operations before income taxes
|
|
807
|
|
|
1,001
|
|
|
717
|
|
|
974
|
|
|
759
|
|
|
(19)
|
|
|
6
|
|
|
3,499
|
|
|
3,485
|
|
|
—
|
|
Income tax
provision
|
|
293
|
|
|
362
|
|
|
259
|
|
|
353
|
|
|
272
|
|
|
(19)
|
|
|
8
|
|
|
1,267
|
|
|
1,246
|
|
|
2
|
|
Income from
continuing operations, net of tax
|
|
$
|
514
|
|
|
$
|
639
|
|
|
$
|
458
|
|
|
$
|
621
|
|
|
$
|
487
|
|
|
(20)
|
|
|
6
|
|
|
$
|
2,232
|
|
|
$
|
2,239
|
|
|
—
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
87,939
|
|
|
$
|
82,178
|
|
|
$
|
78,984
|
|
|
$
|
74,131
|
|
|
$
|
77,704
|
|
|
7%
|
|
|
13%
|
|
|
$
|
87,939
|
|
|
$
|
77,704
|
|
|
13%
|
|
Average loans held
for investment
|
|
83,760
|
|
|
80,402
|
|
|
75,924
|
|
|
74,770
|
|
|
74,026
|
|
|
4
|
|
|
13
|
|
|
78,743
|
|
|
71,262
|
|
|
10
|
|
Average yield on
loans held for investment(5)
|
|
14.31%
|
|
|
14.35%
|
|
|
13.95%
|
|
|
14.23%
|
|
|
14.43%
|
|
|
(4)
|
bps
|
|
(12)
|
bps
|
|
14.21%
|
|
|
14.26%
|
|
|
(5)
|
bps
|
Total net revenue
margin(6)
|
|
16.95
|
|
|
17.05
|
|
|
16.81
|
|
|
16.93
|
|
|
17.29
|
|
|
(10)
|
|
|
(34)
|
|
|
16.93
|
|
|
17.18
|
|
|
(25)
|
|
Net charge-off
rate
|
|
3.75
|
|
|
3.08
|
|
|
3.42
|
|
|
3.55
|
|
|
3.39
|
|
|
67
|
|
|
36
|
|
|
3.45
|
|
|
3.43
|
|
|
2
|
|
30+ day performing
delinquency rate
|
|
3.39
|
|
|
3.28
|
|
|
2.84
|
|
|
2.92
|
|
|
3.27
|
|
|
11
|
|
|
12
|
|
|
3.39
|
|
|
3.27
|
|
|
12
|
|
30+ day delinquency
rate
|
|
3.39
|
|
|
3.28
|
|
|
2.84
|
|
|
2.92
|
|
|
3.27
|
|
|
11
|
|
|
12
|
|
|
3.39
|
|
|
3.27
|
|
|
12
|
|
Purchase
volume(8)
|
|
$
|
68,740
|
|
|
$
|
63,777
|
|
|
$
|
62,198
|
|
|
$
|
52,025
|
|
|
$
|
58,234
|
|
|
8%
|
|
|
18%
|
|
|
$
|
246,740
|
|
|
$
|
208,716
|
|
|
18%
|
|
International
Card(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
278
|
|
|
$
|
253
|
|
|
$
|
238
|
|
|
$
|
245
|
|
|
$
|
265
|
|
|
10%
|
|
|
5%
|
|
|
$
|
1,014
|
|
|
$
|
1,069
|
|
|
(5)%
|
|
Non-interest
income
|
|
72
|
|
|
44
|
|
|
49
|
|
|
73
|
|
|
73
|
|
|
64
|
|
|
(1)
|
|
|
238
|
|
|
310
|
|
|
(23)
|
|
Total net
revenue
|
|
350
|
|
|
297
|
|
|
287
|
|
|
318
|
|
|
338
|
|
|
18
|
|
|
4
|
|
|
1,252
|
|
|
1,379
|
|
|
(9)
|
|
Provision for credit
losses
|
|
77
|
|
|
35
|
|
|
42
|
|
|
59
|
|
|
91
|
|
|
120
|
|
|
(15)
|
|
|
213
|
|
|
257
|
|
|
(17)
|
|
Non-interest
expense
|
|
225
|
|
|
218
|
|
|
236
|
|
|
196
|
|
|
212
|
|
|
3
|
|
|
6
|
|
|
875
|
|
|
799
|
|
|
10
|
|
Income from
continuing operations before income taxes
|
|
48
|
|
|
44
|
|
|
9
|
|
|
63
|
|
|
35
|
|
|
9
|
|
|
37
|
|
|
164
|
|
|
323
|
|
|
(49)
|
|
Income tax
provision
|
|
9
|
|
|
13
|
|
|
4
|
|
|
16
|
|
|
3
|
|
|
(31)
|
|
|
200
|
|
|
42
|
|
|
83
|
|
|
(49)
|
|
Income from
continuing operations, net of tax
|
|
$
|
39
|
|
|
$
|
31
|
|
|
$
|
5
|
|
|
$
|
47
|
|
|
$
|
32
|
|
|
26
|
|
|
22
|
|
|
$
|
122
|
|
|
$
|
240
|
|
|
(49)
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
8,186
|
|
|
$
|
7,957
|
|
|
$
|
8,219
|
|
|
$
|
7,623
|
|
|
$
|
8,172
|
|
|
3%
|
|
|
—
|
|
|
$
|
8,186
|
|
|
$
|
8,172
|
|
|
—
|
|
Average loans held
for investment
|
|
8,127
|
|
|
8,048
|
|
|
7,977
|
|
|
7,811
|
|
|
7,714
|
|
|
1
|
|
|
5%
|
|
|
7,992
|
|
|
7,684
|
|
|
4%
|
|
Average yield on
loans held for investment(5)
|
|
15.96%
|
|
|
14.88%
|
|
|
14.29%
|
|
|
14.93%
|
|
|
16.31%
|
|
|
108
|
bps
|
|
(35)
|
bps
|
|
15.02%
|
|
|
16.53%
|
|
|
(151)
|
bps
|
Total net revenue
margin(6)
|
|
17.21
|
|
|
14.77
|
|
|
14.36
|
|
|
16.31
|
|
|
17.55
|
|
|
244
|
|
|
(34)
|
|
|
15.66
|
|
|
17.95
|
|
|
(229)
|
|
Net charge-off
rate
|
|
2.76
|
|
|
1.80
|
|
|
2.65
|
|
|
2.80
|
|
|
3.34
|
|
|
96
|
|
|
(58)
|
|
|
2.50
|
|
|
3.69
|
|
|
(119)
|
|
30+ day performing
delinquency rate
|
|
2.98
|
|
|
2.81
|
|
|
2.65
|
|
|
2.81
|
|
|
2.94
|
|
|
17
|
|
|
4
|
|
|
2.98
|
|
|
2.94
|
|
|
4
|
|
30+ day delinquency
rate
|
|
3.46
|
|
|
3.39
|
|
|
3.29
|
|
|
3.44
|
|
|
3.60
|
|
|
7
|
|
|
(14)
|
|
|
3.46
|
|
|
3.60
|
|
|
(14)
|
|
Nonperforming loan
rate(1)
|
|
0.65
|
|
|
0.77
|
|
|
0.83
|
|
|
0.84
|
|
|
0.86
|
|
|
(12)
|
|
|
(21)
|
|
|
0.65
|
|
|
0.86
|
|
|
(21)
|
|
Purchase
volume(8)
|
|
$
|
6,610
|
|
|
$
|
6,098
|
|
|
$
|
6,361
|
|
|
$
|
5,358
|
|
|
$
|
5,250
|
|
|
8%
|
|
|
26%
|
|
|
$
|
24,427
|
|
|
$
|
16,034
|
|
|
52%
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 10:
Financial & Statistical Summary—Consumer Banking
Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q4
vs.
|
|
Year
Ended
|
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
2015
vs.
|
(Dollars in
millions) (unaudited)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2015
|
|
2014
|
|
2014
|
Consumer
Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
1,434
|
|
|
$
|
1,443
|
|
|
$
|
1,444
|
|
|
$
|
1,434
|
|
|
$
|
1,459
|
|
|
(1)%
|
|
|
(2)%
|
|
|
$
|
5,755
|
|
|
$
|
5,748
|
|
|
—
|
|
Non-interest
income
|
|
182
|
|
|
174
|
|
|
196
|
|
|
158
|
|
|
185
|
|
|
5
|
|
|
(2)
|
|
|
710
|
|
|
684
|
|
|
4%
|
|
Total net
revenue
|
|
1,616
|
|
|
1,617
|
|
|
1,640
|
|
|
1,592
|
|
|
1,644
|
|
|
—
|
|
|
(2)
|
|
|
6,465
|
|
|
6,432
|
|
|
1
|
|
Provision for credit
losses
|
|
240
|
|
|
188
|
|
|
185
|
|
|
206
|
|
|
222
|
|
|
28
|
|
|
8
|
|
|
819
|
|
|
703
|
|
|
17
|
|
Non-interest
expense
|
|
1,057
|
|
|
1,001
|
|
|
998
|
|
|
970
|
|
|
1,045
|
|
|
6
|
|
|
1
|
|
|
4,026
|
|
|
3,869
|
|
|
4
|
|
Income from
continuing operations before income taxes
|
|
319
|
|
|
428
|
|
|
457
|
|
|
416
|
|
|
377
|
|
|
(25)
|
|
|
(15)
|
|
|
1,620
|
|
|
1,860
|
|
|
(13)
|
|
Income tax
provision
|
|
115
|
|
|
155
|
|
|
166
|
|
|
150
|
|
|
135
|
|
|
(26)
|
|
|
(15)
|
|
|
586
|
|
|
665
|
|
|
(12)
|
|
Income from
continuing operations, net of tax
|
|
$
|
204
|
|
|
$
|
273
|
|
|
$
|
291
|
|
|
$
|
266
|
|
|
$
|
242
|
|
|
(25)
|
|
|
(16)
|
|
|
$
|
1,034
|
|
|
$
|
1,195
|
|
|
(13)
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
70,372
|
|
|
$
|
70,990
|
|
|
$
|
71,176
|
|
|
$
|
71,379
|
|
|
$
|
71,439
|
|
|
(1)%
|
|
|
(1)%
|
|
|
$
|
70,372
|
|
|
$
|
71,439
|
|
|
(1)%
|
|
Average loans held
for investment
|
|
70,704
|
|
|
71,097
|
|
|
71,367
|
|
|
71,441
|
|
|
71,254
|
|
|
(1)
|
|
|
(1)
|
|
|
71,150
|
|
|
70,964
|
|
|
—
|
|
Average yield on
loans held for investment(5)
|
|
6.25%
|
|
|
6.25%
|
|
|
6.27%
|
|
|
6.26%
|
|
|
6.45%
|
|
|
—
|
|
|
(20)
|
bps
|
|
6.26%
|
|
|
6.26%
|
|
|
—
|
|
Auto loan
originations
|
|
$
|
4,977
|
|
|
$
|
5,590
|
|
|
$
|
5,433
|
|
|
$
|
5,185
|
|
|
$
|
5,390
|
|
|
(11)%
|
|
|
(8)%
|
|
|
$
|
21,185
|
|
|
$
|
20,903
|
|
|
1%
|
|
Period-end
deposits
|
|
172,702
|
|
|
170,866
|
|
|
170,321
|
|
|
172,502
|
|
|
168,078
|
|
|
1
|
|
|
3
|
|
|
172,702
|
|
|
168,078
|
|
|
3
|
|
Average
deposits
|
|
171,521
|
|
|
170,816
|
|
|
171,076
|
|
|
169,593
|
|
|
167,727
|
|
|
—
|
|
|
2
|
|
|
170,757
|
|
|
168,623
|
|
|
1
|
|
Average deposit
interest rate
|
|
0.54%
|
|
|
0.56%
|
|
|
0.57%
|
|
|
0.57%
|
|
|
0.57%
|
|
|
(2)
|
bps
|
|
(3)
|
bps
|
|
0.56%
|
|
|
0.57%
|
|
|
(1)
|
bps
|
Core deposit
intangible amortization
|
|
$
|
17
|
|
|
$
|
19
|
|
|
$
|
21
|
|
|
$
|
22
|
|
|
$
|
24
|
|
|
(11)%
|
|
|
(29)%
|
|
|
$
|
79
|
|
|
$
|
108
|
|
|
(27)%
|
|
Net charge-off
rate
|
|
1.32%
|
|
|
1.14%
|
|
|
0.76%
|
|
|
0.89%
|
|
|
1.20%
|
|
|
18
|
bps
|
|
12
|
bps
|
|
1.03%
|
|
|
0.95%
|
|
|
8
|
bps
|
30+ day performing
delinquency rate
|
|
4.05
|
|
|
3.62
|
|
|
3.24
|
|
|
2.95
|
|
|
3.60
|
|
|
43
|
|
|
45
|
|
|
4.05
|
|
|
3.60
|
|
|
45
|
|
30+ day delinquency
rate
|
|
4.67
|
|
|
4.22
|
|
|
3.80
|
|
|
3.46
|
|
|
4.23
|
|
|
45
|
|
|
44
|
|
|
4.67
|
|
|
4.23
|
|
|
44
|
|
Nonperforming loan
rate(1)
|
|
0.80
|
|
|
0.76
|
|
|
0.70
|
|
|
0.67
|
|
|
0.77
|
|
|
4
|
|
|
3
|
|
|
0.80
|
|
|
0.77
|
|
|
3
|
|
Nonperforming asset
rate(2)
|
|
1.10
|
|
|
1.05
|
|
|
0.98
|
|
|
0.95
|
|
|
1.06
|
|
|
5
|
|
|
4
|
|
|
1.10
|
|
|
1.06
|
|
|
4
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 11:
Financial & Statistical Summary—Commercial Banking
Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 Q4
vs.
|
|
Year
Ended
|
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
2015
vs.
|
(Dollars in
millions) (unaudited)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2015
|
|
2014
|
|
2014
|
Commercial
Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
484
|
|
|
$
|
454
|
|
|
$
|
466
|
|
|
$
|
461
|
|
|
$
|
455
|
|
|
7%
|
|
|
6%
|
|
|
$
|
1,865
|
|
|
$
|
1,751
|
|
|
7%
|
|
Non-interest
income
|
|
142
|
|
|
108
|
|
|
123
|
|
|
114
|
|
|
132
|
|
|
31
|
|
|
8
|
|
|
487
|
|
|
450
|
|
|
8
|
|
Total net
revenue(3)
|
|
626
|
|
|
562
|
|
|
589
|
|
|
575
|
|
|
587
|
|
|
11
|
|
|
7
|
|
|
2,352
|
|
|
2,201
|
|
|
7
|
|
Provision for credit
losses
|
|
118
|
|
|
75
|
|
|
49
|
|
|
60
|
|
|
32
|
|
|
57
|
|
|
269
|
|
|
302
|
|
|
93
|
|
|
225
|
|
Non-interest
expense
|
|
342
|
|
|
272
|
|
|
270
|
|
|
272
|
|
|
293
|
|
|
26
|
|
|
17
|
|
|
1,156
|
|
|
1,083
|
|
|
7
|
|
Income from
continuing operations before income taxes
|
|
166
|
|
|
215
|
|
|
270
|
|
|
243
|
|
|
262
|
|
|
(23)
|
|
|
(37)
|
|
|
894
|
|
|
1,025
|
|
|
(13)
|
|
Income tax
provision
|
|
60
|
|
|
78
|
|
|
98
|
|
|
88
|
|
|
93
|
|
|
(23)
|
|
|
(35)
|
|
|
324
|
|
|
366
|
|
|
(11)
|
|
Income from
continuing operations, net of tax
|
|
$
|
106
|
|
|
$
|
137
|
|
|
$
|
172
|
|
|
$
|
155
|
|
|
$
|
169
|
|
|
(23)
|
|
|
(37)
|
|
|
$
|
570
|
|
|
$
|
659
|
|
|
(14)
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
63,266
|
|
|
$
|
52,112
|
|
|
$
|
51,231
|
|
|
$
|
50,741
|
|
|
$
|
50,890
|
|
|
21%
|
|
|
24%
|
|
|
$
|
63,266
|
|
|
$
|
50,890
|
|
|
24%
|
|
Average loans held
for investment
|
|
57,379
|
|
|
51,592
|
|
|
50,976
|
|
|
51,070
|
|
|
50,339
|
|
|
11
|
|
|
14
|
|
|
52,769
|
|
|
47,899
|
|
|
10
|
|
Average yield on
loans held for investment(3)(5)
|
|
3.18%
|
|
|
3.21%
|
|
|
3.26%
|
|
|
3.22%
|
|
|
3.33%
|
|
|
(3)
|
bps
|
|
(15)
|
bps
|
|
3.21%
|
|
|
3.42%
|
|
|
(21)
|
bps
|
Period-end
deposits
|
|
$
|
34,257
|
|
|
$
|
32,751
|
|
|
$
|
32,909
|
|
|
$
|
32,575
|
|
|
$
|
31,954
|
|
|
5%
|
|
|
7%
|
|
|
$
|
34,257
|
|
|
$
|
31,954
|
|
|
7%
|
|
Average
deposits
|
|
33,797
|
|
|
32,806
|
|
|
32,778
|
|
|
32,845
|
|
|
32,363
|
|
|
3
|
|
|
4
|
|
|
33,058
|
|
|
31,752
|
|
|
4
|
|
Average deposit
interest rate
|
|
0.26%
|
|
|
0.25%
|
|
|
0.25%
|
|
|
0.24%
|
|
|
0.24%
|
|
|
1
|
bps
|
|
2
|
bps
|
|
0.25%
|
|
|
0.24%
|
|
|
1
|
bps
|
Core deposit
intangible amortization
|
|
$
|
4
|
|
|
$
|
3
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
5
|
|
|
33%
|
|
|
(20)%
|
|
|
$
|
15
|
|
|
$
|
21
|
|
|
(29)%
|
|
Net charge-off
rate
|
|
0.03%
|
|
|
0.26%
|
|
|
0.05%
|
|
|
0.02%
|
|
|
0.07%
|
|
|
(23)
|
bps
|
|
(4)
|
bps
|
|
0.09%
|
|
|
0.02%
|
|
|
7
|
bps
|
Nonperforming loan
rate(1)(10)
|
|
0.87
|
|
|
0.87
|
|
|
0.90
|
|
|
0.31
|
|
|
0.34
|
|
|
—
|
|
|
53
|
|
|
0.87
|
|
|
0.34
|
|
|
53
|
|
Nonperforming asset
rate(2)(10)
|
|
0.87
|
|
|
0.87
|
|
|
0.91
|
|
|
0.31
|
|
|
0.36
|
|
|
—
|
|
|
51
|
|
|
0.87
|
|
|
0.36
|
|
|
51
|
|
Risk
category:(9)(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncriticized
|
|
$
|
60,701
|
|
|
$
|
49,934
|
|
|
$
|
49,001
|
|
|
$
|
48,938
|
|
|
$
|
49,284
|
|
|
22%
|
|
|
23%
|
|
|
$
|
60,701
|
|
|
$
|
49,284
|
|
|
23%
|
|
Criticized
performing
|
|
2,015
|
|
|
1,725
|
|
|
1,767
|
|
|
1,645
|
|
|
1,431
|
|
|
17
|
|
|
41
|
|
|
2,015
|
|
|
1,431
|
|
|
41
|
|
Criticized
nonperforming
|
|
550
|
|
|
453
|
|
|
463
|
|
|
158
|
|
|
175
|
|
|
21
|
|
|
**
|
|
|
550
|
|
|
175
|
|
|
**
|
|
Total commercial
loans
|
|
$
|
63,266
|
|
|
$
|
52,112
|
|
|
$
|
51,231
|
|
|
$
|
50,741
|
|
|
$
|
50,890
|
|
|
21
|
|
|
24
|
|
|
$
|
63,266
|
|
|
$
|
50,890
|
|
|
24
|
|
Risk category as a
percentage of period-end commercial loans held for
investment:(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncriticized
|
|
95.9%
|
|
|
95.8%
|
|
|
95.7%
|
|
|
96.5%
|
|
|
96.9%
|
|
|
10
|
bps
|
|
(100)
|
bps
|
|
95.9%
|
|
|
96.9%
|
|
|
(100)
|
bps
|
Criticized
performing
|
|
3.2
|
|
|
3.3
|
|
|
3.4
|
|
|
3.2
|
|
|
2.8
|
|
|
(10)
|
|
|
40
|
|
|
3.2
|
|
|
2.8
|
|
|
40
|
|
Criticized
nonperforming
|
|
0.9
|
|
|
0.9
|
|
|
0.9
|
|
|
0.3
|
|
|
0.3
|
|
|
—
|
|
|
60
|
|
|
0.9
|
|
|
0.3
|
|
|
60
|
|
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 Q4
vs.
|
|
Year
Ended
|
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
2015
vs.
|
(Dollars in
millions) (unaudited)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2015
|
|
2014
|
|
2014
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(expense)
|
|
$
|
47
|
|
|
$
|
(3)
|
|
|
$
|
(6)
|
|
|
$
|
15
|
|
|
$
|
45
|
|
|
**
|
|
|
4%
|
|
|
$
|
53
|
|
|
$
|
9
|
|
|
**
|
|
Non-interest
income
|
|
7
|
|
|
—
|
|
|
(29)
|
|
|
(17)
|
|
|
(1)
|
|
|
**
|
|
|
**
|
|
|
(39)
|
|
|
27
|
|
|
**
|
|
Total net revenue
(loss)(3)
|
|
54
|
|
|
(3)
|
|
|
(35)
|
|
|
(2)
|
|
|
44
|
|
|
**
|
|
|
23
|
|
|
14
|
|
|
36
|
|
|
(61)%
|
|
Benefit for credit
losses
|
|
—
|
|
|
(2)
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
**
|
|
|
**
|
|
|
(2)
|
|
|
(5)
|
|
|
(60)
|
|
Non-interest
expense(11)
|
|
60
|
|
|
39
|
|
|
182
|
|
|
31
|
|
|
58
|
|
|
54%
|
|
|
3
|
|
|
312
|
|
|
165
|
|
|
89
|
|
Loss from continuing
operations before income taxes
|
|
(6)
|
|
|
(40)
|
|
|
(217)
|
|
|
(33)
|
|
|
(13)
|
|
|
(85)
|
|
|
(54)
|
|
|
(296)
|
|
|
(124)
|
|
|
139
|
|
Income tax
benefit
|
|
(51)
|
|
|
(78)
|
|
|
(143)
|
|
|
(78)
|
|
|
(53)
|
|
|
(35)
|
|
|
(4)
|
|
|
(350)
|
|
|
(214)
|
|
|
64
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
45
|
|
|
$
|
38
|
|
|
$
|
(74)
|
|
|
$
|
45
|
|
|
$
|
40
|
|
|
18
|
|
|
13
|
|
|
$
|
54
|
|
|
$
|
90
|
|
|
(40)
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
88
|
|
|
$
|
92
|
|
|
$
|
95
|
|
|
$
|
104
|
|
|
$
|
111
|
|
|
(4)%
|
|
|
(21)%
|
|
|
$
|
88
|
|
|
$
|
111
|
|
|
(21)%
|
|
Average loans held
for investment
|
|
82
|
|
|
88
|
|
|
93
|
|
|
102
|
|
|
103
|
|
|
(7)
|
|
|
(20)
|
|
|
91
|
|
|
116
|
|
|
(22)
|
|
Period-end
deposits
|
|
10,762
|
|
|
9,286
|
|
|
5,550
|
|
|
5,363
|
|
|
5,516
|
|
|
16
|
|
|
95
|
|
|
10,762
|
|
|
5,516
|
|
|
95
|
|
Average
deposits
|
|
10,581
|
|
|
7,352
|
|
|
5,289
|
|
|
5,413
|
|
|
5,265
|
|
|
44
|
|
|
101
|
|
|
7,174
|
|
|
5,300
|
|
|
35
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
4,961
|
|
|
$
|
4,760
|
|
|
$
|
4,537
|
|
|
$
|
4,576
|
|
|
$
|
4,656
|
|
|
4%
|
|
|
7%
|
|
|
$
|
18,834
|
|
|
$
|
17,818
|
|
|
6%
|
|
Non-interest
income
|
|
1,233
|
|
|
1,140
|
|
|
1,135
|
|
|
1,071
|
|
|
1,157
|
|
|
8
|
|
|
7
|
|
|
4,579
|
|
|
4,472
|
|
|
2
|
|
Total net
revenue
|
|
6,194
|
|
|
5,900
|
|
|
5,672
|
|
|
5,647
|
|
|
5,813
|
|
|
5
|
|
|
7
|
|
|
23,413
|
|
|
22,290
|
|
|
5
|
|
Provision for credit
losses
|
|
1,380
|
|
|
1,092
|
|
|
1,129
|
|
|
935
|
|
|
1,109
|
|
|
26
|
|
|
24
|
|
|
4,536
|
|
|
3,541
|
|
|
28
|
|
Non-interest
expense
|
|
3,480
|
|
|
3,160
|
|
|
3,307
|
|
|
3,049
|
|
|
3,284
|
|
|
10
|
|
|
6
|
|
|
12,996
|
|
|
12,180
|
|
|
7
|
|
Income from
continuing operations before income taxes
|
|
1,334
|
|
|
1,648
|
|
|
1,236
|
|
|
1,663
|
|
|
1,420
|
|
|
(19)
|
|
|
(6)
|
|
|
5,881
|
|
|
6,569
|
|
|
(10)
|
|
Income tax
provision
|
|
426
|
|
|
530
|
|
|
384
|
|
|
529
|
|
|
450
|
|
|
(20)
|
|
|
(5)
|
|
|
1,869
|
|
|
2,146
|
|
|
(13)
|
|
Income from
continuing operations, net of tax
|
|
$
|
908
|
|
|
$
|
1,118
|
|
|
$
|
852
|
|
|
$
|
1,134
|
|
|
$
|
970
|
|
|
(19)
|
|
|
(6)
|
|
|
$
|
4,012
|
|
|
$
|
4,423
|
|
|
(9)
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
229,851
|
|
|
$
|
213,329
|
|
|
$
|
209,705
|
|
|
$
|
203,978
|
|
|
$
|
208,316
|
|
|
8%
|
|
|
10%
|
|
|
$
|
229,851
|
|
|
$
|
208,316
|
|
|
10%
|
|
Average loans held
for investment
|
|
220,052
|
|
|
211,227
|
|
|
206,337
|
|
|
205,194
|
|
|
203,436
|
|
|
4
|
|
|
8
|
|
|
210,745
|
|
|
197,925
|
|
|
6
|
|
Period-end
deposits
|
|
217,721
|
|
|
212,903
|
|
|
208,780
|
|
|
210,440
|
|
|
205,548
|
|
|
2
|
|
|
6
|
|
|
217,721
|
|
|
205,548
|
|
|
6
|
|
Average
deposits
|
|
215,899
|
|
|
210,974
|
|
|
209,143
|
|
|
207,851
|
|
|
205,355
|
|
|
2
|
|
|
5
|
|
|
210,989
|
|
|
205,675
|
|
|
3
|
|
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 in Q3 2015 and Q2 2015, which impacted both
revenue and non-interest expense within 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)
|
The GE Healthcare
acquisition included $835 million of acquired loans that are being
accounted for under ASC 310-30 30 (formerly "SOP 03-3") due to
their deterioration in credit quality since
origination. Because we expect to collect all of our recorded
investments in these loans, they are classified and presented as
performing and noncriticized in these tables. From a managed
perspective, we evaluate loans based on their actual risk ratings,
and accordingly we are also including our nonperforming and
criticized ratios measured on that basis. Were these SOP 03-3
loans to be classified based on their risk ratings, both our
nonperforming loan rate and nonperforming asset rate for Commercial
Banking in Q4 2015 would be 0.93%; our Criticized performing
balance and percentage would increase to $2.8 billion and 4.45%,
respectively; Criticized nonperforming balance and percentage would
increase to $587 million and 0.93%, respectively, with
corresponding decreases to the balance and percentage of our
Noncriticized category.
|
|
|
(11)
|
Includes
restructuring charges for employee severance and related benefits
pursuant to our ongoing benefit programs.
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 14:
Reconciliation of Non-GAAP Measures and Calculation of Regulatory
Capital Measures(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basel III
Standardized Approach
|
(Dollars in
millions) (unaudited)
|
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
|
December 31,
2014
|
Regulatory Capital
Metrics
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1
capital
|
|
$
|
29,544
|
|
|
$
|
30,109
|
|
|
$
|
29,804
|
|
|
$
|
29,671
|
|
|
$
|
29,534
|
|
Tier 1
capital
|
|
32,838
|
|
|
33,402
|
|
|
32,614
|
|
|
31,493
|
|
|
31,355
|
|
Total
capital(2)
|
|
38,846
|
|
|
37,694
|
|
|
37,115
|
|
|
35,878
|
|
|
35,879
|
|
Risk-weighted
assets(3)
|
|
266,408
|
|
|
249,081
|
|
|
246,106
|
|
|
238,011
|
|
|
236,944
|
|
Average assets for
the leverage ratio
|
|
309,037
|
|
|
300,010
|
|
|
293,291
|
|
|
295,556
|
|
|
291,243
|
|
Capital
Ratios
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1
capital ratio(4)
|
|
11.1%
|
|
|
12.1%
|
|
|
12.1%
|
|
|
12.5%
|
|
|
12.5%
|
|
Tier 1 capital
ratio(5)
|
|
12.3
|
|
|
13.4
|
|
|
13.3
|
|
|
13.2
|
|
|
13.2
|
|
Total capital
ratio(6)
|
|
14.6
|
|
|
15.1
|
|
|
15.1
|
|
|
15.1
|
|
|
15.1
|
|
Tier 1 leverage
ratio(7)
|
|
10.6
|
|
|
11.1
|
|
|
11.1
|
|
|
10.7
|
|
|
10.8
|
|
Tangible common
equity ("TCE") ratio(8)
|
|
8.9
|
|
|
9.8
|
|
|
9.7
|
|
|
9.8
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
(Dollars in
millions) (unaudited)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
Tangible Common
Equity (Period End)
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
$
|
47,284
|
|
|
$
|
47,685
|
|
|
$
|
46,659
|
|
|
$
|
45,730
|
|
|
$
|
45,053
|
|
Goodwill and
intangible assets(9)
|
|
(15,701)
|
|
|
(15,153)
|
|
|
(15,240)
|
|
|
(15,307)
|
|
|
(15,383)
|
|
Noncumulative
perpetual preferred stock(10)
|
|
(3,294)
|
|
|
(3,294)
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|
|
(2,810)
|
|
|
(1,822)
|
|
|
(1,822)
|
|
Tangible common
equity
|
|
$
|
28,289
|
|
|
$
|
29,238
|
|
|
$
|
28,609
|
|
|
$
|
28,601
|
|
|
$
|
27,848
|
|
Tangible Common
Equity (Average)
|
|
|
|
|
|
|
|
|
|
|
Average stockholders'
equity
|
|
$
|
48,712
|
|
|
$
|
48,456
|
|
|
$
|
47,255
|
|
|
$
|
46,397
|
|
|
$
|
45,576
|
|
Average goodwill and
intangible assets(9)
|
|
(15,316)
|
|
|
(15,183)
|
|
|
(15,256)
|
|
|
(15,339)
|
|
|
(15,437)
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|
Average noncumulative
perpetual preferred stock(10)
|
|
(3,294)
|
|
|
(3,049)
|
|
|
(2,377)
|
|
|
(1,822)
|
|
|
(1,681)
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|
Average tangible
common equity
|
|
$
|
30,102
|
|
|
$
|
30,224
|
|
|
$
|
29,622
|
|
|
$
|
29,236
|
|
|
$
|
28,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2014
|
(Dollars in
millions) (unaudited)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
Tangible Assets
(Period End)
|
|
|
|
|
|
|
|
|
|
|
Total
assets(11)
|
|
$
|
334,048
|
|
|
$
|
313,700
|
|
|
$
|
310,510
|
|
|
$
|
306,224
|
|
|
$
|
308,167
|
|
Goodwill and
intangible assets(9)
|
|
(15,701)
|
|
|
(15,153)
|
|
|
(15,240)
|
|
|
(15,307)
|
|
|
(15,383)
|
|
Tangible
assets(11)
|
|
$
|
318,347
|
|
|
$
|
298,547
|
|
|
$
|
295,270
|
|
|
$
|
290,917
|
|
|
$
|
292,784
|
|
Tangible Assets
(Average)
|
|
|
|
|
|
|
|
|
|
|
Average total
assets(11)
|
|
$
|
323,354
|
|
|
$
|
313,822
|
|
|
$
|
307,206
|
|
|
$
|
309,401
|
|
|
$
|
304,153
|
|
Average goodwill and
intangible assets(9)
|
|
(15,316)
|
|
|
(15,183)
|
|
|
(15,256)
|
|
|
(15,339)
|
|
|
(15,437)
|
|
Average tangible
assets(11)
|
|
$
|
308,038
|
|
|
$
|
298,639
|
|
|
$
|
291,950
|
|
|
$
|
294,062
|
|
|
$
|
288,716
|
|
|
|
Common Equity Tier
1 Capital Ratio Under Basel III Standardized
Approach
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions) (unaudited)
|
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
|
December 31,
2014
|
Common equity
excluding AOCI
|
|
$
|
44,606
|
|
|
$
|
44,533
|
|
|
$
|
44,246
|
|
|
$
|
44,120
|
|
|
$
|
43,661
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
AOCI(12)(13)
|
|
(254)
|
|
|
75
|
|
|
(128)
|
|
|
(26)
|
|
|
(69)
|
|
Goodwill(9)
|
|
(14,296)
|
|
|
(13,805)
|
|
|
(13,809)
|
|
|
(13,801)
|
|
|
(13,805)
|
|
Intangible
assets(9)(13)
|
|
(393)
|
|
|
(374)
|
|
|
(413)
|
|
|
(450)
|
|
|
(243)
|
|
Other
|
|
(119)
|
|
|
(320)
|
|
|
(92)
|
|
|
(172)
|
|
|
(10)
|
|
Common equity Tier 1
capital
|
|
$
|
29,544
|
|
|
$
|
30,109
|
|
|
$
|
29,804
|
|
|
$
|
29,671
|
|
|
$
|
29,534
|
|
Risk-weighted
assets(3)
|
|
$
|
266,408
|
|
|
$
|
249,081
|
|
|
$
|
246,106
|
|
|
$
|
238,011
|
|
|
$
|
236,944
|
|
Common equity Tier 1
capital ratio(4)
|
|
11.1%
|
|
|
12.1%
|
|
|
12.1%
|
|
|
12.5%
|
|
|
12.5%
|
|
__________
|
(1)
|
Regulatory capital
metrics and capital ratios as of the end of Q4 2015 are preliminary
and therefore subject to change.
|
|
|
(2)
|
Total capital equals
the sum of Tier 1 capital and Tier 2 capital.
|
|
|
(3)
|
As of January 1,
2015, risk-weighted assets are calculated under the Basel III
Standardized Approach, subject to transition provisions. Prior to
January 1, 2015 risk-weighted assets were calculated under Basel
I.
|
|
|
(4)
|
Common equity Tier 1
capital ratio is a regulatory measure calculated based on Common
equity Tier 1 capital divided by risk-weighted assets.
|
|
|
(5)
|
Tier 1 capital ratio
is a regulatory capital measure calculated based on Tier 1 capital
divided by risk-weighted assets.
|
|
|
(6)
|
Total capital ratio
is a regulatory capital measure calculated based on Total capital
divided by risk-weighted assets.
|
|
|
(7)
|
Tier 1 leverage ratio
is a regulatory capital measure calculated based on Tier 1 capital
divided by average assets, after certain adjustments.
|
|
|
(8)
|
TCE ratio is a
non-GAAP measure calculated based on TCE divided by tangible
assets.
|
|
|
(9)
|
Includes impact of
related deferred taxes.
|
|
|
(10)
|
Includes related
surplus.
|
|
|
(11)
|
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.
|
|
|
(12)
|
Amounts presented are
net of tax.
|
|
|
(13)
|
Amounts based on
transition provisions for regulatory capital deductions and
adjustments of 20% for 2014 and 40% for 2015.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/capital-one-reports-fourth-quarter-2015-net-income-of-920-million-or-158-per-share-300210061.html
SOURCE Capital One Financial Corporation