MCLEAN, Va., April 26,
2016 /PRNewswire/ -- Capital One Financial Corporation (NYSE:
COF) today announced net income for the first quarter of 2016 of
$1.0 billion, or $1.84 per diluted common share, compared to the
fourth quarter of 2015 with net income of $920 million, or $1.58 per diluted common share, and the first
quarter of 2015 with net income of $1.2
billion, or $2.00 per diluted
common share.
"First quarter 2016 was another quarter of strong growth in our
Domestic Card business, both in loan balances and purchase volumes,
which drove strong growth in revenue," said Richard D. Fairbank, Chair and Chief Executive
Officer. "We continue to be 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 first quarter of 2016 compared
with the fourth quarter of 2015 unless otherwise noted.
First Quarter 2016 Income Statement Summary:
- Total net revenue remained flat at $6.2 billion.
- Total non-interest expense decreased 7 percent to
$3.2 billion.
- 24 percent decrease in marketing.
- 4 percent decrease in operating expenses.
- Pre-provision earnings increased 10 percent to
$3.0 billion.
- Provision for credit losses increased 11 percent to
$1.5 billion
- Net charge-offs of $1.2
billion.
- $286 million allowance
build.
- Net interest margin of 6.75 percent, down 4 basis
points.
- Efficiency ratio of 51.82 percent.
First Quarter 2016 Balance Sheet Summary:
- Common equity Tier 1 capital ratio under Basel III
Standardized Approach of 11.1 percent at March 31, 2016.
- Period-end loans held for investment in the quarter
decreased $2.2 billion, or 1 percent,
to $227.6 billion.
- Domestic Card period-end loans decreased $3.4 billion, or 4 percent, to $84.6 billion.
- Consumer Banking period-end loans increased $219 million, or less than 1 percent, to
$70.6 billion.
- Auto period-end loans increased $1.2 billion, or 3 percent, to $42.7 billion.
- Home loans period-end loans decreased $884 million, or 4 percent, to $24.3 billion, driven by run-off of acquired
portfolios.
- Commercial Banking period-end loans increased
$975 million, or 2 percent, to
$64.2 billion.
- Average loans held for investment in the quarter
increased $6.7 billion, or 3 percent,
to $226.7 billion.
- Domestic Card average loans increased $1.4 billion, or 2 percent, to $85.1 billion.
- Consumer Banking average loans decreased $408 million, or 1 percent, to $70.3 billion:
- Auto average loans increased $629
million, or 2 percent, to $42.0
billion.
- Home loans average loans decreased $995 million, or 4 percent, to $24.8 billion, driven by planned run-off of
acquired portfolios.
- Commercial Banking average loans increased $6.0 billion, or 10 percent, to $63.4 billion, including the acquired HFS
loans.
- Period-end total deposits increased $4.1 billion, or 2 percent, to $221.8 billion, while average deposits increased
$3.3 billion, or 2 percent, to
$219.2 billion.
- Interest-bearing deposits rate paid remained flat at 0.58
percent.
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on
April 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
May 10, 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, 2015.
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 $221.8
billion in deposits and $330.3
billion in total assets as of March 31, 2016.
Headquartered in McLean, Virginia,
Capital One offers a broad spectrum of financial products and
services to consumers, small businesses and commercial clients
through a variety of channels. Capital One, N.A. has branches
located primarily in New York,
New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company,
Capital One trades on the New York Stock Exchange under the symbol
"COF" and is included in the S&P 100 index.
|
Exhibit
99.2
|
|
|
Capital One
Financial Corporation
|
|
Financial
Supplement
|
|
First
Quarter 2016(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 March 31, 2016 once it is filed with the Securities and
Exchange Commission.
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 1: Financial
Summary—Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 Q1
vs,
|
|
(Dollars in
millions, except per share data and as noted)
(unaudited)
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q1
|
|
Income
Statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
5,056
|
|
|
$
|
4,961
|
|
|
$
|
4,760
|
|
|
$
|
4,537
|
|
|
$
|
4,576
|
|
|
2%
|
|
|
10%
|
|
|
Non-interest
income
|
|
1,164
|
|
|
1,233
|
|
|
1,140
|
|
|
1,135
|
|
|
1,071
|
|
|
(6)
|
|
|
9
|
|
|
Total net
revenue(1)
|
|
6,220
|
|
|
6,194
|
|
|
5,900
|
|
|
5,672
|
|
|
5,647
|
|
|
—
|
|
|
10
|
|
|
Provision for credit
losses
|
|
1,527
|
|
|
1,380
|
|
|
1,092
|
|
|
1,129
|
|
|
935
|
|
|
11
|
|
|
63
|
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing
|
|
428
|
|
|
564
|
|
|
418
|
|
|
387
|
|
|
375
|
|
|
(24)
|
|
|
14
|
|
|
Amortization of
intangibles
|
|
101
|
|
|
103
|
|
|
106
|
|
|
111
|
|
|
110
|
|
|
(2)
|
|
|
(8)
|
|
|
Operating
expenses
|
|
2,694
|
|
|
2,813
|
|
|
2,636
|
|
|
2,809
|
|
|
2,564
|
|
|
(4)
|
|
|
5
|
|
|
Total non-interest
expense
|
|
3,223
|
|
|
3,480
|
|
|
3,160
|
|
|
3,307
|
|
|
3,049
|
|
|
(7)
|
|
|
6
|
|
|
Income from
continuing operations before income taxes
|
|
1,470
|
|
|
1,334
|
|
|
1,648
|
|
|
1,236
|
|
|
1,663
|
|
|
10
|
|
|
(12)
|
|
|
Income tax
provision
|
|
452
|
|
|
426
|
|
|
530
|
|
|
384
|
|
|
529
|
|
|
6
|
|
|
(15)
|
|
|
Income from
continuing operations, net of tax
|
|
1,018
|
|
|
908
|
|
|
1,118
|
|
|
852
|
|
|
1,134
|
|
|
12
|
|
|
(10)
|
|
|
Income (loss) from
discontinued operations, net of tax(2)
|
|
(5)
|
|
|
12
|
|
|
(4)
|
|
|
11
|
|
|
19
|
|
|
**
|
|
|
**
|
|
|
Net income
|
|
1,013
|
|
|
920
|
|
|
1,114
|
|
|
863
|
|
|
1,153
|
|
|
10
|
|
|
(12)
|
|
|
Dividends and
undistributed earnings allocated to participating
securities(3)
|
|
(6)
|
|
|
(4)
|
|
|
(6)
|
|
|
(4)
|
|
|
(6)
|
|
|
50
|
|
|
—
|
|
|
Preferred stock
dividends(3)
|
|
(37)
|
|
|
(68)
|
|
|
(29)
|
|
|
(29)
|
|
|
(32)
|
|
|
(46)
|
|
|
16
|
|
|
Net income available
to common stockholders
|
|
$
|
970
|
|
|
$
|
848
|
|
|
$
|
1,079
|
|
|
$
|
830
|
|
|
$
|
1,115
|
|
|
14
|
|
|
(13)
|
|
|
Common Share
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share:(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
|
1.86
|
|
|
$
|
1.58
|
|
|
$
|
2.01
|
|
|
$
|
1.50
|
|
|
$
|
2.00
|
|
|
18%
|
|
|
(7)%
|
|
|
Income (loss) from
discontinued operations
|
|
(0.01)
|
|
|
0.02
|
|
|
(0.01)
|
|
|
0.02
|
|
|
0.03
|
|
|
**
|
|
|
**
|
|
|
Net income per basic
common share
|
|
$
|
1.85
|
|
|
$
|
1.60
|
|
|
$
|
2.00
|
|
|
$
|
1.52
|
|
|
$
|
2.03
|
|
|
16
|
|
|
(9)
|
|
|
Diluted earnings
per common share:(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
|
1.85
|
|
|
$
|
1.56
|
|
|
$
|
1.99
|
|
|
$
|
1.48
|
|
|
$
|
1.97
|
|
|
19
|
|
|
(6)
|
|
|
Income (loss) from
discontinued operations
|
|
(0.01)
|
|
|
0.02
|
|
|
(0.01)
|
|
|
0.02
|
|
|
0.03
|
|
|
**
|
|
|
**
|
|
|
Net income per
diluted common share(4)
|
|
$
|
1.84
|
|
|
$
|
1.58
|
|
|
$
|
1.98
|
|
|
$
|
1.50
|
|
|
$
|
2.00
|
|
|
16
|
|
|
(8)
|
|
|
Weighted-average
common shares outstanding (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
523.5
|
|
|
530.8
|
|
|
540.6
|
|
|
545.6
|
|
|
550.2
|
|
|
(1)
|
|
|
(5)
|
|
|
Diluted
|
|
528.0
|
|
|
536.3
|
|
|
546.3
|
|
|
552.0
|
|
|
557.2
|
|
|
(2)
|
|
|
(5)
|
|
|
Common shares
outstanding (period end, in millions)
|
|
514.5
|
|
|
527.3
|
|
|
534.9
|
|
|
542.5
|
|
|
548.0
|
|
|
(2)
|
|
|
(6)
|
|
|
Dividends paid per
common share
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
0.30
|
|
|
—
|
|
|
33
|
|
|
Tangible book value
per common share (period end)(5)
|
|
55.94
|
|
|
53.65
|
|
|
54.66
|
|
|
52.74
|
|
|
52.19
|
|
|
4
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 Q1
vs.
|
|
(Dollars in
millions) (unaudited)
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q1
|
|
Balance Sheet
(Period End)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
investment(6)
|
|
$
|
227,613
|
|
|
$
|
229,851
|
|
|
$
|
213,329
|
|
|
$
|
209,705
|
|
|
$
|
203,978
|
|
|
(1)%
|
|
|
12%
|
|
|
Interest-earning
assets
|
|
298,348
|
|
|
302,007
|
|
|
283,073
|
|
|
280,137
|
|
|
275,837
|
|
|
(1)
|
|
|
8
|
|
|
Total
assets
|
|
330,346
|
|
|
334,048
|
|
|
313,700
|
|
|
310,510
|
|
|
306,224
|
|
|
(1)
|
|
|
8
|
|
|
Interest-bearing
deposits
|
|
196,597
|
|
|
191,874
|
|
|
187,848
|
|
|
183,657
|
|
|
185,208
|
|
|
2
|
|
|
6
|
|
|
Total
deposits
|
|
221,779
|
|
|
217,721
|
|
|
212,903
|
|
|
208,780
|
|
|
210,440
|
|
|
2
|
|
|
5
|
|
|
Borrowings
|
|
50,497
|
|
|
59,115
|
|
|
42,778
|
|
|
45,766
|
|
|
41,029
|
|
|
(15)
|
|
|
23
|
|
|
Common
equity
|
|
44,411
|
|
|
43,990
|
|
|
44,391
|
|
|
43,849
|
|
|
43,908
|
|
|
1
|
|
|
1
|
|
|
Total stockholders'
equity
|
|
47,707
|
|
|
47,284
|
|
|
47,685
|
|
|
46,659
|
|
|
45,730
|
|
|
1
|
|
|
4
|
|
|
Balance Sheet
(Average Balances)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
investment(6)
|
|
$
|
226,736
|
|
|
$
|
220,052
|
|
|
$
|
211,227
|
|
|
$
|
206,337
|
|
|
$
|
205,194
|
|
|
3%
|
|
|
10%
|
|
|
Interest-earning
assets
|
|
299,456
|
|
|
292,054
|
|
|
283,082
|
|
|
276,585
|
|
|
278,427
|
|
|
3
|
|
|
8
|
|
|
Total
assets
|
|
331,919
|
|
|
323,354
|
|
|
313,822
|
|
|
307,206
|
|
|
309,401
|
|
|
3
|
|
|
7
|
|
|
Interest-bearing
deposits
|
|
194,125
|
|
|
189,885
|
|
|
185,800
|
|
|
183,946
|
|
|
182,998
|
|
|
2
|
|
|
6
|
|
|
Total
deposits
|
|
219,180
|
|
|
215,899
|
|
|
210,974
|
|
|
209,143
|
|
|
207,851
|
|
|
2
|
|
|
5
|
|
|
Borrowings
|
|
53,761
|
|
|
48,850
|
|
|
45,070
|
|
|
41,650
|
|
|
46,082
|
|
|
10
|
|
|
17
|
|
|
Common
equity
|
|
45,782
|
|
|
45,418
|
|
|
45,407
|
|
|
44,878
|
|
|
44,575
|
|
|
1
|
|
|
3
|
|
|
Total stockholders'
equity
|
|
49,078
|
|
|
48,712
|
|
|
48,456
|
|
|
47,255
|
|
|
46,397
|
|
|
1
|
|
|
6
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
|
|
|
|
|
|
|
|
|
|
|
Table
2: Selected Metrics—Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 Q1
vs.
|
|
(Dollars in
millions except as noted) (unaudited)
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q1
|
|
Performance
Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
growth (period over period)
|
|
2%
|
|
|
4%
|
|
|
5%
|
|
|
(1)%
|
|
|
(2)%
|
|
|
**
|
|
|
**
|
|
|
Non-interest income
growth (period over period)
|
|
(6)
|
|
|
8
|
|
|
—
|
|
|
6
|
|
|
(7)
|
|
|
**
|
|
|
**
|
|
|
Total net revenue
growth (period over period)
|
|
—
|
|
|
5
|
|
|
4
|
|
|
—
|
|
|
(3)
|
|
|
**
|
|
|
**
|
|
|
Total net revenue
margin(7)
|
|
8.31
|
|
|
8.48
|
|
|
8.34
|
|
|
8.20
|
|
|
8.11
|
|
|
(17)
bps
|
|
20 bps
|
|
Net interest
margin(8)
|
|
6.75
|
|
|
6.79
|
|
|
6.73
|
|
|
6.56
|
|
|
6.57
|
|
|
(4)
|
|
|
18
|
|
|
Return on average
assets
|
|
1.23
|
|
|
1.12
|
|
|
1.43
|
|
|
1.11
|
|
|
1.47
|
|
|
11
|
|
|
(24)
|
|
|
Return on average
tangible assets(9)
|
|
1.29
|
|
|
1.18
|
|
|
1.50
|
|
|
1.17
|
|
|
1.54
|
|
|
11
|
|
|
(25)
|
|
|
Return on average
common equity(10)
|
|
8.52
|
|
|
7.36
|
|
|
9.54
|
|
|
7.30
|
|
|
9.84
|
|
|
116
|
|
|
(132)
|
|
|
Return on average
tangible common equity(11)
|
|
12.94
|
|
|
11.11
|
|
|
14.33
|
|
|
11.06
|
|
|
15.00
|
|
|
183
|
|
|
(206)
|
|
|
Non-interest expense
as a percentage of average loans held for investment
|
|
5.69
|
|
|
6.33
|
|
|
5.98
|
|
|
6.41
|
|
|
5.94
|
|
|
(64)
|
|
|
(25)
|
|
|
Efficiency
ratio(12)
|
|
51.82
|
|
|
56.18
|
|
|
53.56
|
|
|
58.30
|
|
|
53.99
|
|
|
(436)
|
|
|
(217)
|
|
|
Effective income tax
rate for continuing operations
|
|
30.7
|
|
|
31.9
|
|
|
32.2
|
|
|
31.1
|
|
|
31.8
|
|
|
(120)
|
|
|
(110)
|
|
|
Employees (in
thousands), period end
|
|
45.8
|
|
|
45.4
|
|
|
46.9
|
|
|
47.5
|
|
|
47.0
|
|
|
1%
|
|
|
(3)%
|
|
|
Credit Quality
Metrics(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
and lease losses
|
|
$
|
5,416
|
|
|
$
|
5,130
|
|
|
$
|
4,847
|
|
|
$
|
4,676
|
|
|
$
|
4,405
|
|
|
6%
|
|
|
23%
|
|
|
Allowance as a
percentage of loans held for investment
|
|
2.38%
|
|
|
2.23%
|
|
|
2.27%
|
|
|
2.23%
|
|
|
2.16%
|
|
|
15 bps
|
|
22 bps
|
|
Net
charge-offs
|
|
$
|
1,178
|
|
|
$
|
1,078
|
|
|
$
|
890
|
|
|
$
|
846
|
|
|
$
|
881
|
|
|
9%
|
|
|
34%
|
|
|
Net charge-off
rate(13)
|
|
2.08%
|
|
|
1.96%
|
|
|
1.69%
|
|
|
1.64%
|
|
|
1.72%
|
|
|
12 bps
|
|
36 bps
|
|
30+ day performing
delinquency rate
|
|
2.33
|
|
|
2.69
|
|
|
2.63
|
|
|
2.33
|
|
|
2.32
|
|
|
(36)
|
|
|
1
|
|
|
30+ day delinquency
rate
|
|
2.64
|
|
|
3.00
|
|
|
2.95
|
|
|
2.65
|
|
|
2.58
|
|
|
(36)
|
|
|
6
|
|
|
Capital
Ratios(14)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1
capital ratio
|
|
11.1%
|
|
|
11.1%
|
|
|
12.1%
|
|
|
12.1%
|
|
|
12.5%
|
|
|
—
|
|
|
(140)
bps
|
|
Tier 1 capital
ratio
|
|
12.4
|
|
|
12.4
|
|
|
13.4
|
|
|
13.3
|
|
|
13.2
|
|
|
—
|
|
|
(80)
|
|
|
Total capital
ratio
|
|
14.6
|
|
|
14.6
|
|
|
15.1
|
|
|
15.1
|
|
|
15.1
|
|
|
—
|
|
|
(50)
|
|
|
Tier 1 leverage
ratio
|
|
10.2
|
|
|
10.6
|
|
|
11.1
|
|
|
11.1
|
|
|
10.7
|
|
|
(40)
bps
|
|
(50)
|
|
|
Tangible common
equity ("TCE") ratio(15)
|
|
9.1
|
|
|
8.9
|
|
|
9.8
|
|
|
9.7
|
|
|
9.8
|
|
|
20
|
|
|
(70)
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
|
Table 3:
Consolidated Statements of Income
|
|
|
|
Three Months
Ended
|
|
2016 Q1
vs.
|
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
(Dollars in
millions, except per share data and as noted)
(unaudited)
|
|
Q1
|
|
Q4
|
|
Q1
|
|
Q4
|
|
Q1
|
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
loans held for sale
|
|
$
|
5,085
|
|
|
$
|
4,961
|
|
|
$
|
4,540
|
|
|
2%
|
|
|
12%
|
|
|
Investment
securities
|
|
415
|
|
|
401
|
|
|
406
|
|
|
3
|
|
|
2
|
|
|
Other
|
|
17
|
|
|
22
|
|
|
28
|
|
|
(23)
|
|
|
(39)
|
|
|
Total interest
income
|
|
5,517
|
|
|
5,384
|
|
|
4,974
|
|
|
2
|
|
|
11
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
283
|
|
|
277
|
|
|
271
|
|
|
2
|
|
|
4
|
|
|
Securitized debt
obligations
|
|
48
|
|
|
43
|
|
|
33
|
|
|
12
|
|
|
45
|
|
|
Senior and
subordinated notes
|
|
106
|
|
|
89
|
|
|
79
|
|
|
19
|
|
|
34
|
|
|
Other
borrowings
|
|
24
|
|
|
14
|
|
|
15
|
|
|
71
|
|
|
60
|
|
|
Total interest
expense
|
|
461
|
|
|
423
|
|
|
398
|
|
|
9
|
|
|
16
|
|
|
Net interest
income
|
|
5,056
|
|
|
4,961
|
|
|
4,576
|
|
|
2
|
|
|
10
|
|
|
Provision for credit
losses
|
|
1,527
|
|
|
1,380
|
|
|
935
|
|
|
11
|
|
|
63
|
|
|
Net interest income
after provision for credit losses
|
|
3,529
|
|
|
3,581
|
|
|
3,641
|
|
|
(1)
|
|
|
(3)
|
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and
other customer-related fees
|
|
404
|
|
|
426
|
|
|
437
|
|
|
(5)
|
|
|
(8)
|
|
|
Interchange fees,
net
|
|
596
|
|
|
617
|
|
|
496
|
|
|
(3)
|
|
|
20
|
|
|
Net
other-than-temporary impairment recognized in earnings
|
|
(8)
|
|
|
(3)
|
|
|
(15)
|
|
|
167
|
|
|
(47)
|
|
|
Other
|
|
172
|
|
|
193
|
|
|
153
|
|
|
(11)
|
|
|
12
|
|
|
Total non-interest
income
|
|
1,164
|
|
|
1,233
|
|
|
1,071
|
|
|
(6)
|
|
|
9
|
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
associate benefits
|
|
1,270
|
|
|
1,215
|
|
|
1,211
|
|
|
5
|
|
|
5
|
|
|
Occupancy and
equipment
|
|
458
|
|
|
511
|
|
|
435
|
|
|
(10)
|
|
|
5
|
|
|
Marketing
|
|
428
|
|
|
564
|
|
|
375
|
|
|
(24)
|
|
|
14
|
|
|
Professional
services
|
|
278
|
|
|
349
|
|
|
296
|
|
|
(20)
|
|
|
(6)
|
|
|
Communications and
data processing
|
|
243
|
|
|
247
|
|
|
202
|
|
|
(2)
|
|
|
20
|
|
|
Amortization of
intangibles
|
|
101
|
|
|
103
|
|
|
110
|
|
|
(2)
|
|
|
(8)
|
|
|
Other
|
|
445
|
|
|
491
|
|
|
420
|
|
|
(9)
|
|
|
6
|
|
|
Total non-interest
expense
|
|
3,223
|
|
|
3,480
|
|
|
3,049
|
|
|
(7)
|
|
|
6
|
|
|
Income from
continuing operations before income taxes
|
|
1,470
|
|
|
1,334
|
|
|
1,663
|
|
|
10
|
|
|
(12)
|
|
|
Income tax
provision
|
|
452
|
|
|
426
|
|
|
529
|
|
|
6
|
|
|
(15)
|
|
|
Income from
continuing operations, net of tax
|
|
1,018
|
|
|
908
|
|
|
1,134
|
|
|
12
|
|
|
(10)
|
|
|
Income (loss) from
discontinued operations, net of tax(2)
|
|
(5)
|
|
|
12
|
|
|
19
|
|
|
**
|
|
|
**
|
|
|
Net
income
|
|
1,013
|
|
|
920
|
|
|
1,153
|
|
|
10
|
|
|
(12)
|
|
|
Dividends and
undistributed earnings allocated to participating
securities(3)
|
|
(6)
|
|
|
(4)
|
|
|
(6)
|
|
|
50
|
|
|
—
|
|
|
Preferred stock
dividends(3)
|
|
(37)
|
|
|
(68)
|
|
|
(32)
|
|
|
(46)
|
|
|
16
|
|
|
Net income
available to common stockholders
|
|
$
|
970
|
|
|
$
|
848
|
|
|
$
|
1,115
|
|
|
14
|
|
|
(13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
2016 Q1
vs.
|
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
(Dollars in
millions, except per share data and as noted)
(unaudited)
|
|
Q1
|
|
Q4
|
|
Q1
|
|
Q4
|
|
Q1
|
|
Basic earnings per
common share:(3)
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
|
1.86
|
|
|
$
|
1.58
|
|
|
$
|
2.00
|
|
|
18%
|
|
|
(7)%
|
|
|
Income (loss) from
discontinued operations
|
|
(0.01)
|
|
|
0.02
|
|
|
0.03
|
|
|
**
|
|
|
**
|
|
|
Net income per basic
common share
|
|
$
|
1.85
|
|
|
$
|
1.60
|
|
|
$
|
2.03
|
|
|
16
|
|
|
(9)
|
|
|
Diluted earnings
per common share:(3)
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
|
1.85
|
|
|
$
|
1.56
|
|
|
$
|
1.97
|
|
|
19
|
|
|
(6)
|
|
|
Income (loss) from
discontinued operations
|
|
(0.01)
|
|
|
0.02
|
|
|
0.03
|
|
|
**
|
|
|
**
|
|
|
Net income per
diluted common share(4)
|
|
$
|
1.84
|
|
|
$
|
1.58
|
|
|
$
|
2.00
|
|
|
16
|
|
|
(8)
|
|
|
Weighted-average
common shares outstanding (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
Basic common
shares
|
|
523.5
|
|
|
530.8
|
|
|
550.2
|
|
|
(1)
|
|
|
(5)
|
|
|
Diluted common
shares
|
|
528.0
|
|
|
536.3
|
|
|
557.2
|
|
|
(2)
|
|
|
(5)
|
|
|
Dividends paid per
common share
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
0.30
|
|
|
—
|
|
|
33
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
|
Table 4:
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
March 31, 2016
vs.
|
|
(Dollars in
millions) (unaudited)
|
|
March 31,
2016
|
|
December 31,
2015
|
|
March 31,
2015
|
|
December 31,
2015
|
|
March 31,
2015
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
3,241
|
|
|
$
|
3,407
|
|
|
$
|
2,853
|
|
|
(5)%
|
|
|
14%
|
|
|
Interest-bearing
deposits with banks
|
|
1,909
|
|
|
4,577
|
|
|
6,038
|
|
|
(58)
|
|
|
(68)
|
|
|
Federal funds sold
and securities purchased under agreements to resell
|
|
85
|
|
|
39
|
|
|
0
|
|
|
118
|
|
|
**
|
|
|
Total cash and cash
equivalents
|
|
5,235
|
|
|
8,023
|
|
|
8,891
|
|
|
(35)
|
|
|
(41)
|
|
|
Restricted cash for
securitization investors
|
|
960
|
|
|
1,017
|
|
|
234
|
|
|
(6)
|
|
|
**
|
|
|
Securities available
for sale, at fair value
|
|
40,092
|
|
|
39,061
|
|
|
39,321
|
|
|
3
|
|
|
2
|
|
|
Securities held to
maturity, at carrying value
|
|
25,080
|
|
|
24,619
|
|
|
23,241
|
|
|
2
|
|
|
8
|
|
|
Loans held for
investment:(6)
|
|
|
|
|
|
|
|
|
|
|
|
Unsecuritized loans
held for investment
|
|
195,705
|
|
|
196,068
|
|
|
170,040
|
|
|
—
|
|
|
15
|
|
|
Loans held in
consolidated trusts
|
|
31,908
|
|
|
33,783
|
|
|
33,938
|
|
|
(6)
|
|
|
(6)
|
|
|
Total loans held for
investment
|
|
227,613
|
|
|
229,851
|
|
|
203,978
|
|
|
(1)
|
|
|
12
|
|
|
Allowance for loan
and lease losses
|
|
(5,416)
|
|
|
(5,130)
|
|
|
(4,405)
|
|
|
6
|
|
|
23
|
|
|
Net loans held for
investment
|
|
222,197
|
|
|
224,721
|
|
|
199,573
|
|
|
(1)
|
|
|
11
|
|
|
Loans held for sale,
at lower of cost or fair value
|
|
1,251
|
|
|
904
|
|
|
1,331
|
|
|
38
|
|
|
(6)
|
|
|
Premises and
equipment, net
|
|
3,542
|
|
|
3,584
|
|
|
3,684
|
|
|
(1)
|
|
|
(4)
|
|
|
Interest
receivable
|
|
1,221
|
|
|
1,189
|
|
|
1,078
|
|
|
3
|
|
|
13
|
|
|
Goodwill
|
|
14,492
|
|
|
14,480
|
|
|
13,978
|
|
|
—
|
|
|
4
|
|
|
Other
assets
|
|
16,276
|
|
|
16,450
|
|
|
14,893
|
|
|
(1)
|
|
|
9
|
|
|
Total
assets
|
|
$
|
330,346
|
|
|
$
|
334,048
|
|
|
$
|
306,224
|
|
|
(1)
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2016
vs.
|
|
(Dollars in
millions) (unaudited)
|
|
March 31,
2016
|
|
December 31,
2015
|
|
March 31,
2015
|
|
December 31,
2015
|
|
March 31,
2015
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Interest
payable
|
|
$
|
217
|
|
|
$
|
299
|
|
|
$
|
195
|
|
|
(27)%
|
|
|
11%
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
25,182
|
|
|
25,847
|
|
|
25,232
|
|
|
(3)
|
|
|
—
|
|
|
Interest-bearing
deposits
|
|
196,597
|
|
|
191,874
|
|
|
185,208
|
|
|
2
|
|
|
6
|
|
|
Total
deposits
|
|
221,779
|
|
|
217,721
|
|
|
210,440
|
|
|
2
|
|
|
5
|
|
|
Securitized debt
obligations
|
|
14,913
|
|
|
16,166
|
|
|
12,717
|
|
|
(8)
|
|
|
17
|
|
|
Other
debt:
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities loaned or sold under agreements to
repurchase
|
|
917
|
|
|
981
|
|
|
933
|
|
|
(7)
|
|
|
(2)
|
|
|
Senior and
subordinated notes
|
|
21,736
|
|
|
21,837
|
|
|
20,559
|
|
|
—
|
|
|
6
|
|
|
Other
borrowings
|
|
12,931
|
|
|
20,131
|
|
|
6,820
|
|
|
(36)
|
|
|
90
|
|
|
Total other
debt
|
|
35,584
|
|
|
42,949
|
|
|
28,312
|
|
|
(17)
|
|
|
26
|
|
|
Other
liabilities
|
|
10,146
|
|
|
9,629
|
|
|
8,830
|
|
|
5
|
|
|
15
|
|
|
Total
liabilities
|
|
282,639
|
|
|
286,764
|
|
|
260,494
|
|
|
(1)
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
0
|
|
|
0
|
|
|
0
|
|
|
—
|
|
|
—
|
|
|
Common
stock
|
|
7
|
|
|
6
|
|
|
6
|
|
|
17
|
|
|
17
|
|
|
Additional paid-in
capital, net
|
|
29,709
|
|
|
29,655
|
|
|
27,939
|
|
|
—
|
|
|
6
|
|
|
Retained
earnings
|
|
27,808
|
|
|
27,045
|
|
|
24,925
|
|
|
3
|
|
|
12
|
|
|
Accumulated other
comprehensive loss
|
|
(41)
|
|
|
(616)
|
|
|
(212)
|
|
|
(93)
|
|
|
(81)
|
|
|
Treasury stock, at
cost
|
|
(9,776)
|
|
|
(8,806)
|
|
|
(6,928)
|
|
|
11
|
|
|
41
|
|
|
Total
stockholders' equity
|
|
47,707
|
|
|
47,284
|
|
|
45,730
|
|
|
1
|
|
|
4
|
|
|
Total liabilities
and stockholders' equity
|
|
$
|
330,346
|
|
|
$
|
334,048
|
|
|
$
|
306,224
|
|
|
(1)
|
|
|
8
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
|
Table 5: Notes to
Financial Summary, Selected Metrics and Consolidated Financial
Statements (Tables 1—4)
|
|
|
** Not
meaningful.
|
|
|
(1) Total net
revenue was reduced by $228 million in Q1 2016, $222 million in Q4
2015, $195 million in Q3 2015, $168 million in Q2 2015 and $147
million in Q1 2015 for the estimated uncollectible amount of billed
finance charges and fees.
|
|
|
(2) Historically,
the majority of the provision (benefit) for representation and
warranty losses is included net of tax in discontinued operations.
The provision (benefit) for mortgage representation and warranty
losses included the following activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
(Dollars in
millions) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Provision (benefit)
for mortgage representation and warranty losses before income
taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recorded in
continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(1)
|
|
|
$
|
(1)
|
|
|
$
|
(7)
|
|
|
$
|
(9)
|
|
|
$
|
1
|
|
|
Recorded in
discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
|
(21)
|
|
|
3
|
|
|
(27)
|
|
|
(19)
|
|
|
Total provision
(benefit) for mortgage representation and warranty losses before
income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2
|
|
|
$
|
(22)
|
|
|
$
|
(4)
|
|
|
$
|
(36)
|
|
|
$
|
(18)
|
|
|
|
The
mortgage representation and warranty reserve was $613 million as of
March 31, 2016, $610 million as of December 31, 2015 and
$673 million as of March 31, 2015.
|
|
|
(3) 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.
|
|
|
(4) In Q4
2015, we recorded charges totaling $72 million associated with (i)
completing the acquisition of the Healthcare Financial Services
business of General Electric Capital Corporation ("HFS
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 these items on our
reported
results. The table below presents a reconciliation of our reported
results to these non-GAAP financial measures. Periods not
presented did not have any adjustments.
|
|
|
|
2015
Q4
|
|
2015
Q3
|
|
2015
Q2
|
|
(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
|
|
Reported
results
|
|
$
|
1,334
|
|
|
$
|
920
|
|
|
$
|
1.58
|
|
|
$
|
1,648
|
|
|
$
|
1,114
|
|
|
$
|
1.98
|
|
|
$
|
1,236
|
|
|
$
|
863
|
|
|
$
|
1.50
|
|
|
Adjustments
|
|
72
|
|
|
46
|
|
|
0.09
|
|
|
69
|
|
|
69
|
|
|
0.12
|
|
|
225
|
|
|
155
|
|
|
0.28
|
|
|
Results excluding
adjustments
|
|
$
|
1,406
|
|
|
$
|
966
|
|
|
$
|
1.67
|
|
|
$
|
1,717
|
|
|
$
|
1,183
|
|
|
$
|
2.10
|
|
|
$
|
1,461
|
|
|
$
|
1,018
|
|
|
$
|
1.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) 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.
|
|
|
(6) Included
in loans held for investment are purchased credit-impaired loans
("PCI 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
Standards Codification 310-30). These include certain of our
consumer and commercial loans that were acquired through business
combinations. The table below presents amounts related to PCI
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
(Dollars in
millions) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
PCI loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end unpaid
principal balance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
19,492
|
|
|
$
|
20,434
|
|
|
$
|
20,585
|
|
|
$
|
21,841
|
|
|
$
|
23,248
|
|
|
Period-end loans held
for investment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,568
|
|
|
19,518
|
|
|
19,743
|
|
|
20,970
|
|
|
22,334
|
|
|
Average loans held
for investment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,894
|
|
|
19,319
|
|
|
20,116
|
|
|
21,440
|
|
|
22,773
|
|
|
|
(7) Calculated
based on annualized total net revenue for the period divided by
average interest-earning assets for the period.
|
|
|
(8) Calculated
based on annualized net interest income for the period divided by
average interest-earning assets for the period.
|
|
|
(9) 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.
|
|
|
(10) 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.
|
|
|
(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
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.
|
|
|
(12) 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 4, was 55.82% for Q4 2015,
52.78% for Q3 2015 and 54.63% for Q2 2015.
|
|
|
(13) Calculated
based on annualized net charge-offs for the period divided by
average loans held for investment for the period.
|
|
|
(14) Ratios
as of the end of Q1 2016 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.
|
|
|
(15) 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
|
|
|
|
2016
Q1
|
|
2015
Q4
|
|
2015
Q1
|
|
|
Average
Balance
|
|
Interest
Income/
Expense(1)
|
|
Yield/
Rate(1)
|
|
Average
Balance
|
|
Interest
Income/
Expense(1)
|
|
Yield/
Rate(1)
|
|
Average
Balance
|
|
Interest
Income/
Expense(1)
|
|
Yield/
Rate(1)
|
|
(Dollars in
millions) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
loans held for sale
|
|
$
|
227,573
|
|
|
$
|
5,085
|
|
|
8.94%
|
|
$
|
220,760
|
|
|
$
|
4,961
|
|
|
8.99%
|
|
$
|
205,854
|
|
|
$
|
4,540
|
|
|
8.82%
|
|
Investment
securities
|
|
65,156
|
|
|
415
|
|
|
2.55
|
|
64,444
|
|
|
401
|
|
|
2.49
|
|
63,181
|
|
|
406
|
|
|
2.57
|
|
Cash equivalents and
other
|
|
6,727
|
|
|
17
|
|
|
1.01
|
|
6,850
|
|
|
22
|
|
|
1.28
|
|
9,392
|
|
|
28
|
|
|
1.19
|
|
Total
interest-earning assets
|
|
$
|
299,456
|
|
|
$
|
5,517
|
|
|
7.37
|
|
$
|
292,054
|
|
|
$
|
5,384
|
|
|
7.37
|
|
$
|
278,427
|
|
|
$
|
4,974
|
|
|
7.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
$
|
194,125
|
|
|
$
|
283
|
|
|
0.58%
|
|
$
|
189,885
|
|
|
$
|
277
|
|
|
0.58%
|
|
$
|
182,998
|
|
|
$
|
271
|
|
|
0.59%
|
|
Securitized debt
obligations
|
|
15,361
|
|
|
48
|
|
|
1.25
|
|
15,993
|
|
|
43
|
|
|
1.08
|
|
11,563
|
|
|
33
|
|
|
1.14
|
|
Senior and
subordinated notes
|
|
21,993
|
|
|
106
|
|
|
1.93
|
|
21,987
|
|
|
89
|
|
|
1.62
|
|
20,595
|
|
|
79
|
|
|
1.53
|
|
Other borrowings and
liabilities
|
|
17,176
|
|
|
24
|
|
|
0.56
|
|
11,542
|
|
|
14
|
|
|
0.49
|
|
14,721
|
|
|
15
|
|
|
0.41
|
|
Total
interest-bearing liabilities
|
|
$
|
248,655
|
|
|
$
|
461
|
|
|
0.74
|
|
$
|
239,407
|
|
|
$
|
423
|
|
|
0.71
|
|
$
|
229,877
|
|
|
$
|
398
|
|
|
0.69
|
|
Net interest
income/spread
|
|
|
|
$
|
5,056
|
|
|
6.63
|
|
|
|
$
|
4,961
|
|
|
6.66
|
|
|
|
$
|
4,576
|
|
|
6.46
|
|
Impact of
non-interest bearing funding
|
|
|
|
|
|
0.12
|
|
|
|
|
|
0.13
|
|
|
|
|
|
0.11
|
|
Net interest
margin
|
|
|
|
|
|
6.75%
|
|
|
|
|
|
6.79%
|
|
|
|
|
|
6.57%
|
|
|
__________
|
|
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 Q1
vs.
|
|
(Dollars in
millions) (unaudited)
|
|
2016
Q1
|
|
2015
Q4
|
|
2015
Q3
|
|
2015
Q2
|
|
2015
Q1
|
|
2015
Q4
|
|
2015
Q1
|
|
Loans Held For
Investment (Period End)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card
|
|
$
|
84,561
|
|
|
$
|
87,939
|
|
|
$
|
82,178
|
|
|
$
|
78,984
|
|
|
$
|
74,131
|
|
|
(4)%
|
|
|
14%
|
|
|
International credit card
|
|
8,138
|
|
|
8,186
|
|
|
7,957
|
|
|
8,219
|
|
|
7,623
|
|
|
(1)
|
|
|
7
|
|
|
Total credit
card
|
|
92,699
|
|
|
96,125
|
|
|
90,135
|
|
|
87,203
|
|
|
81,754
|
|
|
(4)
|
|
|
13
|
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
42,714
|
|
|
41,549
|
|
|
41,052
|
|
|
39,991
|
|
|
38,937
|
|
|
3
|
|
|
10
|
|
|
Home
loan
|
|
24,343
|
|
|
25,227
|
|
|
26,340
|
|
|
27,595
|
|
|
28,905
|
|
|
(4)
|
|
|
(16)
|
|
|
Retail
banking
|
|
3,534
|
|
|
3,596
|
|
|
3,598
|
|
|
3,590
|
|
|
3,537
|
|
|
(2)
|
|
|
—
|
|
|
Total consumer
banking
|
|
70,591
|
|
|
70,372
|
|
|
70,990
|
|
|
71,176
|
|
|
71,379
|
|
|
—
|
|
|
(1)
|
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
25,559
|
|
|
25,518
|
|
|
23,585
|
|
|
22,886
|
|
|
22,831
|
|
|
—
|
|
|
12
|
|
|
Commercial and industrial
|
|
38,102
|
|
|
37,135
|
|
|
27,873
|
|
|
27,660
|
|
|
27,172
|
|
|
3
|
|
|
40
|
|
|
Total
commercial lending
|
|
63,661
|
|
|
62,653
|
|
|
51,458
|
|
|
50,546
|
|
|
50,003
|
|
|
2
|
|
|
27
|
|
|
Small-ticket commercial real estate
|
|
580
|
|
|
613
|
|
|
654
|
|
|
685
|
|
|
738
|
|
|
(5)
|
|
|
(21)
|
|
|
Total commercial
banking
|
|
64,241
|
|
|
63,266
|
|
|
52,112
|
|
|
51,231
|
|
|
50,741
|
|
|
2
|
|
|
27
|
|
|
Other
loans
|
|
82
|
|
|
88
|
|
|
92
|
|
|
95
|
|
|
104
|
|
|
(7)
|
|
|
(21)
|
|
|
Total loans held for
investment
|
|
$
|
227,613
|
|
|
$
|
229,851
|
|
|
$
|
213,329
|
|
|
$
|
209,705
|
|
|
$
|
203,978
|
|
|
(1)
|
|
|
12
|
|
|
Loans Held For
Investment (Average)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card
|
|
$
|
85,148
|
|
|
$
|
83,760
|
|
|
$
|
80,402
|
|
|
$
|
75,924
|
|
|
$
|
74,770
|
|
|
2%
|
|
|
14%
|
|
|
International credit card
|
|
7,839
|
|
|
8,127
|
|
|
8,048
|
|
|
7,977
|
|
|
7,811
|
|
|
(4)
|
|
|
—
|
|
|
Total credit
card
|
|
92,987
|
|
|
91,887
|
|
|
88,450
|
|
|
83,901
|
|
|
82,581
|
|
|
1
|
|
|
13
|
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
41,962
|
|
|
41,333
|
|
|
40,560
|
|
|
39,546
|
|
|
38,387
|
|
|
2
|
|
|
9
|
|
|
Home
loan
|
|
24,781
|
|
|
25,776
|
|
|
26,934
|
|
|
28,251
|
|
|
29,493
|
|
|
(4)
|
|
|
(16)
|
|
|
Retail
banking
|
|
3,553
|
|
|
3,595
|
|
|
3,603
|
|
|
3,570
|
|
|
3,561
|
|
|
(1)
|
|
|
—
|
|
|
Total consumer
banking
|
|
70,296
|
|
|
70,704
|
|
|
71,097
|
|
|
71,367
|
|
|
71,441
|
|
|
(1)
|
|
|
(2)
|
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
25,015
|
|
|
25,613
|
|
|
23,305
|
|
|
22,853
|
|
|
23,120
|
|
|
(2)
|
|
|
8
|
|
|
Commercial and industrial
|
|
37,762
|
|
|
31,132
|
|
|
27,620
|
|
|
27,414
|
|
|
27,190
|
|
|
21
|
|
|
39
|
|
|
Total
commercial lending
|
|
62,777
|
|
|
56,745
|
|
|
50,925
|
|
|
50,267
|
|
|
50,310
|
|
|
11
|
|
|
25
|
|
|
Small-ticket commercial real estate
|
|
598
|
|
|
634
|
|
|
667
|
|
|
709
|
|
|
760
|
|
|
(6)
|
|
|
(21)
|
|
|
Total commercial
banking
|
|
63,375
|
|
|
57,379
|
|
|
51,592
|
|
|
50,976
|
|
|
51,070
|
|
|
10
|
|
|
24
|
|
|
Other
loans
|
|
78
|
|
|
82
|
|
|
88
|
|
|
93
|
|
|
102
|
|
|
(5)
|
|
|
(24)
|
|
|
Total average loans
held for investment
|
|
$
|
226,736
|
|
|
$
|
220,052
|
|
|
$
|
211,227
|
|
|
$
|
206,337
|
|
|
$
|
205,194
|
|
|
3
|
|
|
10
|
|
|
Net Charge-Off
(Recovery) Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card
|
|
4.16%
|
|
|
3.75%
|
|
|
3.08%
|
|
|
3.42%
|
|
|
3.55%
|
|
|
41 bps
|
|
61 bps
|
|
International credit card
|
|
3.24
|
|
|
2.76
|
|
|
1.80
|
|
|
2.65
|
|
|
2.80
|
|
|
48
|
|
|
44
|
|
|
Total credit
card
|
|
4.09
|
|
|
3.66
|
|
|
2.96
|
|
|
3.35
|
|
|
3.48
|
|
|
43
|
|
|
61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 Q1
vs.
|
|
(Dollars in
millions) (unaudited)
|
|
2016
Q1
|
|
2015
Q4
|
|
2015
Q3
|
|
2015
Q2
|
|
2015
Q1
|
|
2015
Q4
|
|
2015
Q1
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
|
1.60%
|
|
|
|
2.10%
|
|
|
|
1.85%
|
|
|
|
1.22%
|
|
|
|
1.55%
|
|
|
(50)
bps
|
|
5 bps
|
|
Home
loan
|
|
|
0.05
|
|
|
|
0.05
|
|
|
|
0.01
|
|
|
|
0.04
|
|
|
|
0.03
|
|
|
—
|
|
|
2
|
|
|
Retail
banking
|
|
|
1.36
|
|
|
|
1.43
|
|
|
|
1.53
|
|
|
|
1.39
|
|
|
|
0.96
|
|
|
(7)
|
|
|
40
|
|
|
Total consumer
banking
|
|
|
1.04
|
|
|
|
1.32
|
|
|
|
1.14
|
|
|
|
0.76
|
|
|
|
0.89
|
|
|
(28)
|
|
|
15
|
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
|
(0.01)
|
|
|
|
(0.03)
|
|
|
|
(0.15)
|
|
|
|
(0.04)
|
|
|
|
(0.03)
|
|
|
2
|
|
|
2
|
|
|
Commercial and industrial
|
|
|
0.49
|
|
|
|
0.07
|
|
|
|
0.61
|
|
|
|
0.13
|
|
|
|
0.05
|
|
|
42
|
|
|
44
|
|
|
Total
commercial lending
|
|
|
0.29
|
|
|
|
0.02
|
|
|
|
0.26
|
|
|
|
0.05
|
|
|
|
0.01
|
|
|
27
|
|
|
28
|
|
|
Small-ticket commercial real estate
|
|
|
0.13
|
|
|
|
0.34
|
|
|
|
0.50
|
|
|
|
0.15
|
|
|
|
0.47
|
|
|
(21)
|
|
|
(34)
|
|
|
Total commercial
banking
|
|
|
0.29
|
|
|
|
0.03
|
|
|
|
0.26
|
|
|
|
0.05
|
|
|
|
0.02
|
|
|
26
|
|
|
27
|
|
|
Total net
charge-offs
|
|
|
2.08
|
|
|
|
1.96
|
|
|
|
1.69
|
|
|
|
1.64
|
|
|
|
1.72
|
|
|
12
|
|
|
36
|
|
|
30+ Day Performing
Delinquency Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card
|
|
|
3.09%
|
|
|
|
3.39%
|
|
|
|
3.28%
|
|
|
|
2.84%
|
|
|
|
2.92%
|
|
|
(30)
bps
|
|
17 bps
|
|
International credit card
|
|
|
3.32
|
|
|
|
2.98
|
|
|
|
2.81
|
|
|
|
2.65
|
|
|
|
2.81
|
|
|
34
|
|
|
51
|
|
|
Total credit
card
|
|
|
3.11
|
|
|
|
3.36
|
|
|
|
3.24
|
|
|
|
2.82
|
|
|
|
2.91
|
|
|
(25)
|
|
|
20
|
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
|
5.14
|
|
|
|
6.69
|
|
|
|
6.10
|
|
|
|
5.58
|
|
|
|
5.21
|
|
|
(155)
|
|
|
(7)
|
|
|
Home
loan
|
|
|
0.14
|
|
|
|
0.16
|
|
|
|
0.18
|
|
|
|
0.17
|
|
|
|
0.18
|
|
|
(2)
|
|
|
(4)
|
|
|
Retail
banking
|
|
|
0.61
|
|
|
|
0.76
|
|
|
|
0.62
|
|
|
|
0.66
|
|
|
|
0.60
|
|
|
(15)
|
|
|
1
|
|
|
Total consumer
banking
|
|
|
3.19
|
|
|
|
4.05
|
|
|
|
3.62
|
|
|
|
3.24
|
|
|
|
2.95
|
|
|
(86)
|
|
|
24
|
|
|
Nonperforming
Loans and Nonperforming Assets
Rates(1)(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International credit card
|
|
|
0.59%
|
|
|
|
0.65%
|
|
|
|
0.77%
|
|
|
|
0.83%
|
|
|
|
0.84%
|
|
|
(6)
bps
|
|
(25)
bps
|
|
Total credit
card
|
|
|
0.05
|
|
|
|
0.06
|
|
|
|
0.07
|
|
|
|
0.08
|
|
|
|
0.08
|
|
|
(1)
|
|
|
(3)
|
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
|
0.31
|
|
|
|
0.53
|
|
|
|
0.49
|
|
|
|
0.40
|
|
|
|
0.31
|
|
|
(22)
|
|
|
—
|
|
|
Home
loan
|
|
|
1.26
|
|
|
|
1.23
|
|
|
|
1.18
|
|
|
|
1.13
|
|
|
|
1.16
|
|
|
3
|
|
|
10
|
|
|
Retail
banking
|
|
|
0.83
|
|
|
|
0.77
|
|
|
|
0.74
|
|
|
|
0.79
|
|
|
|
0.71
|
|
|
6
|
|
|
12
|
|
|
Total consumer
banking
|
|
|
0.66
|
|
|
|
0.79
|
|
|
|
0.76
|
|
|
|
0.70
|
|
|
|
0.67
|
|
|
(13)
|
|
|
(1)
|
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
|
0.12
|
|
|
|
0.03
|
|
|
|
0.03
|
|
|
|
0.12
|
|
|
|
0.18
|
|
|
9
|
|
|
(6)
|
|
|
Commercial and industrial
|
|
|
2.66
|
|
|
|
1.45
|
|
|
|
1.58
|
|
|
|
1.56
|
|
|
|
0.39
|
|
|
121
|
|
|
227
|
|
|
Total
commercial lending
|
|
|
1.64
|
|
|
|
0.87
|
|
|
|
0.87
|
|
|
|
0.91
|
|
|
|
0.29
|
|
|
77
|
|
|
135
|
|
|
Small-ticket commercial real estate
|
|
|
1.11
|
|
|
|
0.83
|
|
|
|
0.65
|
|
|
|
0.47
|
|
|
|
1.62
|
|
|
28
|
|
|
(51)
|
|
|
Total commercial
banking
|
|
|
1.63
|
|
|
|
0.87
|
|
|
|
0.87
|
|
|
|
0.90
|
|
|
|
0.31
|
|
|
76
|
|
|
132
|
|
|
Total nonperforming
loans
|
|
|
0.69
|
|
|
|
0.51
|
|
|
|
0.50
|
|
|
|
0.50
|
|
|
|
0.35
|
|
|
18
|
|
|
34
|
|
|
Total nonperforming
assets
|
|
|
0.83
|
|
|
|
0.65
|
|
|
|
0.64
|
|
|
|
0.64
|
|
|
|
0.50
|
|
|
18
|
|
|
33
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
|
Table 8: Financial
Summary—Business Segment Results
|
|
|
|
Three Months Ended
March 31, 2016
|
|
(Dollars in
millions) (unaudited)
|
|
Total
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking
|
|
Other
|
|
Net interest
income
|
|
$
|
5,056
|
|
|
$
|
3,033
|
|
|
$
|
1,420
|
|
|
$
|
537
|
|
|
$
|
66
|
|
|
Non-interest
income
|
|
1,164
|
|
|
847
|
|
|
191
|
|
|
118
|
|
|
8
|
|
|
Total net revenue
(loss)(3)
|
|
6,220
|
|
|
3,880
|
|
|
1,611
|
|
|
655
|
|
|
74
|
|
|
Provision (benefit)
for credit losses
|
|
1,527
|
|
|
1,071
|
|
|
230
|
|
|
228
|
|
|
(2)
|
|
|
Non-interest
expense
|
|
3,223
|
|
|
1,863
|
|
|
990
|
|
|
322
|
|
|
48
|
|
|
Income (loss) from
continuing operations before income taxes
|
|
1,470
|
|
|
946
|
|
|
391
|
|
|
105
|
|
|
28
|
|
|
Income tax provision
(benefit)
|
|
452
|
|
|
337
|
|
|
142
|
|
|
38
|
|
|
(65)
|
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
1,018
|
|
|
$
|
609
|
|
|
$
|
249
|
|
|
$
|
67
|
|
|
$
|
93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2015
|
|
(Dollars in
millions) (unaudited)
|
|
Total
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking
|
|
Other
|
|
Net interest
income
|
|
$
|
4,961
|
|
|
$
|
2,996
|
|
|
$
|
1,434
|
|
|
$
|
484
|
|
|
$
|
47
|
|
|
Non-interest
income
|
|
1,233
|
|
|
902
|
|
|
182
|
|
|
142
|
|
|
7
|
|
|
Total net revenue
(loss)(3)
|
|
6,194
|
|
|
3,898
|
|
|
1,616
|
|
|
626
|
|
|
54
|
|
|
Provision (benefit)
for credit losses
|
|
1,380
|
|
|
1,022
|
|
|
240
|
|
|
118
|
|
|
—
|
|
|
Non-interest
expense
|
|
3,480
|
|
|
2,021
|
|
|
1,057
|
|
|
342
|
|
|
60
|
|
|
Income (loss) from
continuing operations before income taxes
|
|
1,334
|
|
|
855
|
|
|
319
|
|
|
166
|
|
|
(6)
|
|
|
Income tax provision
(benefit)
|
|
426
|
|
|
302
|
|
|
115
|
|
|
60
|
|
|
(51)
|
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
908
|
|
|
$
|
553
|
|
|
$
|
204
|
|
|
$
|
106
|
|
|
$
|
45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (benefit)
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 (loss) from
continuing operations, net of tax
|
|
$
|
1,134
|
|
|
$
|
668
|
|
|
$
|
266
|
|
|
$
|
155
|
|
|
$
|
45
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
|
Table 9: Financial
& Statistical Summary—Credit Card Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 Q1
vs.
|
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
(Dollars in
millions) (unaudited)
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q1
|
|
Credit
Card(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
3,033
|
|
|
$
|
2,996
|
|
|
$
|
2,866
|
|
|
$
|
2,633
|
|
|
$
|
2,666
|
|
|
1%
|
|
|
14%
|
|
|
Non-interest
income
|
|
847
|
|
|
902
|
|
|
858
|
|
|
845
|
|
|
816
|
|
|
(6)
|
|
|
4
|
|
|
Total net revenue
(loss)
|
|
3,880
|
|
|
3,898
|
|
|
3,724
|
|
|
3,478
|
|
|
3,482
|
|
|
—
|
|
|
11
|
|
|
Provision (benefit)
for credit losses
|
|
1,071
|
|
|
1,022
|
|
|
831
|
|
|
895
|
|
|
669
|
|
|
5
|
|
|
60
|
|
|
Non-interest
expense
|
|
1,863
|
|
|
2,021
|
|
|
1,848
|
|
|
1,857
|
|
|
1,776
|
|
|
(8)
|
|
|
5
|
|
|
Income (loss) from
continuing operations before income taxes
|
|
946
|
|
|
855
|
|
|
1,045
|
|
|
726
|
|
|
1,037
|
|
|
11
|
|
|
(9)
|
|
|
Income tax provision
(benefit)
|
|
337
|
|
|
302
|
|
|
375
|
|
|
263
|
|
|
369
|
|
|
12
|
|
|
(9)
|
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
609
|
|
|
$
|
553
|
|
|
$
|
670
|
|
|
$
|
463
|
|
|
$
|
668
|
|
|
10
|
|
|
(9)
|
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
92,699
|
|
|
$
|
96,125
|
|
|
$
|
90,135
|
|
|
$
|
87,203
|
|
|
$
|
81,754
|
|
|
(4)%
|
|
|
13%
|
|
|
Average loans held
for investment
|
|
92,987
|
|
|
91,887
|
|
|
88,450
|
|
|
83,901
|
|
|
82,581
|
|
|
1
|
|
|
13
|
|
|
Average yield on
loans held for investment(5)
|
|
14.60%
|
|
|
14.45%
|
|
|
14.39%
|
|
|
13.98%
|
|
|
14.30%
|
|
|
15 bps
|
|
30 bps
|
|
Total net revenue
margin(6)
|
|
16.69
|
|
|
16.97
|
|
|
16.84
|
|
|
16.58
|
|
|
16.87
|
|
|
(28)
|
|
|
(18)
|
|
|
Net charge-off
rate
|
|
4.09
|
|
|
3.66
|
|
|
2.96
|
|
|
3.35
|
|
|
3.48
|
|
|
43
|
|
|
61
|
|
|
30+ day performing
delinquency rate
|
|
3.11
|
|
|
3.36
|
|
|
3.24
|
|
|
2.82
|
|
|
2.91
|
|
|
(25)
|
|
|
20
|
|
|
30+ day delinquency
rate
|
|
3.15
|
|
|
3.40
|
|
|
3.29
|
|
|
2.88
|
|
|
2.97
|
|
|
(25)
|
|
|
18
|
|
|
Nonperforming loan
rate(1)
|
|
0.05
|
|
|
0.06
|
|
|
0.07
|
|
|
0.08
|
|
|
0.08
|
|
|
(1)
|
|
|
(3)
|
|
|
PCCR intangible
amortization
|
|
$
|
70
|
|
|
$
|
74
|
|
|
$
|
78
|
|
|
$
|
80
|
|
|
$
|
84
|
|
|
(5)%
|
|
|
(17)%
|
|
|
Purchase
volume(7)
|
|
68,189
|
|
|
75,350
|
|
|
69,875
|
|
|
68,559
|
|
|
57,383
|
|
|
(10)
|
|
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 Q1
vs.
|
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
(Dollars in
millions) (unaudited)
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q1
|
|
Domestic
Card
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
2,756
|
|
|
$
|
2,718
|
|
|
$
|
2,613
|
|
|
$
|
2,395
|
|
|
$
|
2,421
|
|
|
1%
|
|
|
14%
|
|
|
Non-interest
income
|
|
774
|
|
|
830
|
|
|
814
|
|
|
796
|
|
|
743
|
|
|
(7)
|
|
|
4
|
|
|
Total net revenue
(loss)
|
|
3,530
|
|
|
3,548
|
|
|
3,427
|
|
|
3,191
|
|
|
3,164
|
|
|
(1)
|
|
|
12
|
|
|
Provision (benefit)
for credit losses
|
|
972
|
|
|
945
|
|
|
796
|
|
|
853
|
|
|
610
|
|
|
3
|
|
|
59
|
|
|
Non-interest
expense
|
|
1,671
|
|
|
1,796
|
|
|
1,630
|
|
|
1,621
|
|
|
1,580
|
|
|
(7)
|
|
|
6
|
|
|
Income (loss) from
continuing operations before income taxes
|
|
887
|
|
|
807
|
|
|
1,001
|
|
|
717
|
|
|
974
|
|
|
10
|
|
|
(9)
|
|
|
Income tax provision
(benefit)
|
|
323
|
|
|
293
|
|
|
362
|
|
|
259
|
|
|
353
|
|
|
10
|
|
|
(8)
|
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
564
|
|
|
$
|
514
|
|
|
$
|
639
|
|
|
$
|
458
|
|
|
$
|
621
|
|
|
10
|
|
|
(9)
|
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
84,561
|
|
|
$
|
87,939
|
|
|
$
|
82,178
|
|
|
$
|
78,984
|
|
|
$
|
74,131
|
|
|
(4)%
|
|
|
14%
|
|
|
Average loans held
for investment
|
|
85,148
|
|
|
83,760
|
|
|
80,402
|
|
|
75,924
|
|
|
74,770
|
|
|
2
|
|
|
14
|
|
|
Average yield on
loans held for investment(5)
|
|
14.43%
|
|
|
14.31%
|
|
|
14.35%
|
|
|
13.95%
|
|
|
14.23%
|
|
|
12 bps
|
|
20 bps
|
|
Total net revenue
margin(6)
|
|
16.58
|
|
|
16.95
|
|
|
17.05
|
|
|
16.81
|
|
|
16.93
|
|
|
(37)
|
|
|
(35)
|
|
|
Net charge-off
rate
|
|
4.16
|
|
|
3.75
|
|
|
3.08
|
|
|
3.42
|
|
|
3.55
|
|
|
41
|
|
|
61
|
|
|
30+ day performing
delinquency rate
|
|
3.09
|
|
|
3.39
|
|
|
3.28
|
|
|
2.84
|
|
|
2.92
|
|
|
(30)
|
|
|
17
|
|
|
30+ day delinquency
rate
|
|
3.09
|
|
|
3.39
|
|
|
3.28
|
|
|
2.84
|
|
|
2.92
|
|
|
(30)
|
|
|
17
|
|
|
Purchase
volume(7)
|
|
$
|
62,617
|
|
|
$
|
68,740
|
|
|
$
|
63,777
|
|
|
$
|
62,198
|
|
|
$
|
52,025
|
|
|
(9)%
|
|
|
20%
|
|
|
International
Card(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
277
|
|
|
$
|
278
|
|
|
$
|
253
|
|
|
$
|
238
|
|
|
$
|
245
|
|
|
—
|
|
|
13%
|
|
|
Non-interest
income
|
|
73
|
|
|
72
|
|
|
44
|
|
|
49
|
|
|
73
|
|
|
1%
|
|
|
—
|
|
|
Total net revenue
(loss)
|
|
350
|
|
|
350
|
|
|
297
|
|
|
287
|
|
|
318
|
|
|
—
|
|
|
10
|
|
|
Provision (benefit)
for credit losses
|
|
99
|
|
|
77
|
|
|
35
|
|
|
42
|
|
|
59
|
|
|
29
|
|
|
68
|
|
|
Non-interest
expense
|
|
192
|
|
|
225
|
|
|
218
|
|
|
236
|
|
|
196
|
|
|
(15)
|
|
|
(2)
|
|
|
Income (loss) from
continuing operations before income taxes
|
|
59
|
|
|
48
|
|
|
44
|
|
|
9
|
|
|
63
|
|
|
23
|
|
|
(6)
|
|
|
Income tax provision
(benefit)
|
|
14
|
|
|
9
|
|
|
13
|
|
|
4
|
|
|
16
|
|
|
56
|
|
|
(13)
|
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
45
|
|
|
$
|
39
|
|
|
$
|
31
|
|
|
$
|
5
|
|
|
$
|
47
|
|
|
15
|
|
|
(4)
|
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
8,138
|
|
|
$
|
8,186
|
|
|
$
|
7,957
|
|
|
$
|
8,219
|
|
|
$
|
7,623
|
|
|
(1)%
|
|
|
7%
|
|
|
Average loans held
for investment
|
|
7,839
|
|
|
8,127
|
|
|
8,048
|
|
|
7,977
|
|
|
7,811
|
|
|
(4)
|
|
|
—
|
|
|
Average yield on
loans held for investment(5)
|
|
16.47%
|
|
|
15.96%
|
|
|
14.88%
|
|
|
14.29%
|
|
|
14.93%
|
|
|
51 bps
|
|
154 bps
|
|
Total net revenue
margin(6)
|
|
17.85
|
|
|
17.21
|
|
|
14.77
|
|
|
14.36
|
|
|
16.31
|
|
|
64
|
|
|
154
|
|
|
Net charge-off
rate
|
|
3.24
|
|
|
2.76
|
|
|
1.80
|
|
|
2.65
|
|
|
2.80
|
|
|
48
|
|
|
44
|
|
|
30+ day performing
delinquency rate
|
|
3.32
|
|
|
2.98
|
|
|
2.81
|
|
|
2.65
|
|
|
2.81
|
|
|
34
|
|
|
51
|
|
|
30+ day delinquency
rate
|
|
3.76
|
|
|
3.46
|
|
|
3.39
|
|
|
3.29
|
|
|
3.44
|
|
|
30
|
|
|
32
|
|
|
Nonperforming loan
rate(1)
|
|
0.59
|
|
|
0.65
|
|
|
0.77
|
|
|
0.83
|
|
|
0.84
|
|
|
(6)
|
|
|
(25)
|
|
|
Purchase
volume(7)
|
|
$
|
5,572
|
|
|
$
|
6,610
|
|
|
$
|
6,098
|
|
|
$
|
6,361
|
|
|
$
|
5,358
|
|
|
(16)%
|
|
|
4%
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
|
Table 10:
Financial & Statistical Summary—Consumer Banking
Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 Q1
vs.
|
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
(Dollars in
millions) (unaudited)
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q1
|
|
Consumer
Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
1,420
|
|
|
$
|
1,434
|
|
|
$
|
1,443
|
|
|
$
|
1,444
|
|
|
$
|
1,434
|
|
|
(1)%
|
|
|
(1)%
|
|
|
Non-interest
income
|
|
191
|
|
|
182
|
|
|
174
|
|
|
196
|
|
|
158
|
|
|
5
|
|
|
21
|
|
|
Total net revenue
(loss)
|
|
1,611
|
|
|
1,616
|
|
|
1,617
|
|
|
1,640
|
|
|
1,592
|
|
|
—
|
|
|
1
|
|
|
Provision (benefit)
for credit losses
|
|
230
|
|
|
240
|
|
|
188
|
|
|
185
|
|
|
206
|
|
|
(4)
|
|
|
12
|
|
|
Non-interest
expense
|
|
990
|
|
|
1,057
|
|
|
1,001
|
|
|
998
|
|
|
970
|
|
|
(6)
|
|
|
2
|
|
|
Income (loss) from
continuing operations before income taxes
|
|
391
|
|
|
319
|
|
|
428
|
|
|
457
|
|
|
416
|
|
|
23
|
|
|
(6)
|
|
|
Income tax provision
(benefit)
|
|
142
|
|
|
115
|
|
|
155
|
|
|
166
|
|
|
150
|
|
|
23
|
|
|
(5)
|
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
249
|
|
|
$
|
204
|
|
|
$
|
273
|
|
|
$
|
291
|
|
|
$
|
266
|
|
|
22
|
|
|
(6)
|
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
70,591
|
|
|
$
|
70,372
|
|
|
$
|
70,990
|
|
|
$
|
71,176
|
|
|
$
|
71,379
|
|
|
—
|
|
|
(1)%
|
|
|
Average loans held
for investment
|
|
70,296
|
|
|
70,704
|
|
|
71,097
|
|
|
71,367
|
|
|
71,441
|
|
|
(1)%
|
|
|
(2)
|
|
|
Average yield on
loans held for investment(5)
|
|
6.18%
|
|
|
6.25%
|
|
|
6.25%
|
|
|
6.27%
|
|
|
6.26%
|
|
|
(7)
bps
|
|
(8)
bps
|
|
Auto loan
originations
|
|
$
|
5,844
|
|
|
$
|
4,977
|
|
|
$
|
5,590
|
|
|
$
|
5,433
|
|
|
$
|
5,185
|
|
|
17%
|
|
|
13%
|
|
|
Period-end
deposits
|
|
177,803
|
|
|
172,702
|
|
|
170,866
|
|
|
170,321
|
|
|
172,502
|
|
|
3
|
|
|
3
|
|
|
Average
deposits
|
|
174,254
|
|
|
171,521
|
|
|
170,816
|
|
|
171,076
|
|
|
169,593
|
|
|
2
|
|
|
3
|
|
|
Average deposit
interest rate
|
|
0.54%
|
|
|
0.54%
|
|
|
0.56%
|
|
|
0.57%
|
|
|
0.57%
|
|
|
—
|
|
|
(3)
bps
|
|
Core deposit
intangible amortization
|
|
$
|
15
|
|
|
$
|
17
|
|
|
$
|
19
|
|
|
$
|
21
|
|
|
$
|
22
|
|
|
(12)%
|
|
|
(32)%
|
|
|
Net charge-off
rate
|
|
1.04%
|
|
|
1.32%
|
|
|
1.14%
|
|
|
0.76%
|
|
|
0.89%
|
|
|
(28)
bps
|
|
15 bps
|
|
30+ day performing
delinquency rate
|
|
3.19
|
|
|
4.05
|
|
|
3.62
|
|
|
3.24
|
|
|
2.95
|
|
|
(86)
|
|
|
24
|
|
|
30+ day delinquency
rate
|
|
3.67
|
|
|
4.67
|
|
|
4.22
|
|
|
3.80
|
|
|
3.46
|
|
|
(100)
|
|
|
21
|
|
|
Nonperforming loan
rate(1)
|
|
0.66
|
|
|
0.79
|
|
|
0.76
|
|
|
0.70
|
|
|
0.67
|
|
|
(13)
|
|
|
(1)
|
|
|
Nonperforming asset
rate(2)
|
|
0.95
|
|
|
1.10
|
|
|
1.05
|
|
|
0.98
|
|
|
0.95
|
|
|
(15)
|
|
|
—
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
|
Table
11: Financial & Statistical Summary—Commercial Banking
Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 Q1
vs.
|
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
(Dollars in
millions) (unaudited)
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q1
|
|
Commercial
Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
537
|
|
|
$
|
484
|
|
|
$
|
454
|
|
|
$
|
466
|
|
|
$
|
461
|
|
|
11%
|
|
|
16%
|
|
|
Non-interest
income
|
|
118
|
|
|
142
|
|
|
108
|
|
|
123
|
|
|
114
|
|
|
(17)
|
|
|
4
|
|
|
Total net revenue
(loss)(3)
|
|
655
|
|
|
626
|
|
|
562
|
|
|
589
|
|
|
575
|
|
|
5
|
|
|
14
|
|
|
Provision (benefit)
for credit losses
|
|
228
|
|
|
118
|
|
|
75
|
|
|
49
|
|
|
60
|
|
|
93
|
|
|
280
|
|
|
Non-interest
expense
|
|
322
|
|
|
342
|
|
|
272
|
|
|
270
|
|
|
272
|
|
|
(6)
|
|
|
18
|
|
|
Income (loss) from
continuing operations before income taxes
|
|
105
|
|
|
166
|
|
|
215
|
|
|
270
|
|
|
243
|
|
|
(37)
|
|
|
(57)
|
|
|
Income tax provision
(benefit)
|
|
38
|
|
|
60
|
|
|
78
|
|
|
98
|
|
|
88
|
|
|
(37)
|
|
|
(57)
|
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
67
|
|
|
$
|
106
|
|
|
$
|
137
|
|
|
$
|
172
|
|
|
$
|
155
|
|
|
(37)
|
|
|
(57)
|
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
64,241
|
|
|
$
|
63,266
|
|
|
$
|
52,112
|
|
|
$
|
51,231
|
|
|
$
|
50,741
|
|
|
2%
|
|
|
27%
|
|
|
Average loans held
for investment
|
|
63,375
|
|
|
57,379
|
|
|
51,592
|
|
|
50,976
|
|
|
51,070
|
|
|
10
|
|
|
24
|
|
|
Average yield on
loans held for investment(3)(5)
|
|
3.38%
|
|
|
3.18%
|
|
|
3.21%
|
|
|
3.26%
|
|
|
3.22%
|
|
|
20 bps
|
|
16 bps
|
|
Period-end
deposits
|
|
$
|
33,383
|
|
|
$
|
34,257
|
|
|
$
|
32,751
|
|
|
$
|
32,909
|
|
|
$
|
32,575
|
|
|
(3)%
|
|
|
2%
|
|
|
Average
deposits
|
|
34,076
|
|
|
33,797
|
|
|
32,806
|
|
|
32,778
|
|
|
32,845
|
|
|
1
|
|
|
4
|
|
|
Average deposit
interest rate
|
|
0.27%
|
|
|
0.26%
|
|
|
0.25%
|
|
|
0.25%
|
|
|
0.24%
|
|
|
1 bps
|
|
3 bps
|
|
Core deposit
intangible amortization
|
|
$
|
3
|
|
|
$
|
4
|
|
|
$
|
3
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
(25)%
|
|
|
(25)%
|
|
|
Net charge-off
rate
|
|
0.29%
|
|
|
0.03%
|
|
|
0.26%
|
|
|
0.05%
|
|
|
0.02%
|
|
|
26 bps
|
|
27 bps
|
|
Nonperforming loan
rate(1)(9)
|
|
1.63
|
|
|
0.87
|
|
|
0.87
|
|
|
0.90
|
|
|
0.31
|
|
|
76
|
|
|
132
|
|
|
Nonperforming asset
rate(2)(9)
|
|
1.64
|
|
|
0.87
|
|
|
0.87
|
|
|
0.91
|
|
|
0.31
|
|
|
77
|
|
|
133
|
|
|
Risk
category:(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncriticized
|
|
$
|
59,663
|
|
|
$
|
59,743
|
|
|
$
|
49,803
|
|
|
$
|
48,847
|
|
|
$
|
48,778
|
|
|
—
|
|
|
22%
|
|
|
Criticized
performing
|
|
2,595
|
|
|
2,015
|
|
|
1,725
|
|
|
1,767
|
|
|
1,645
|
|
|
29%
|
|
|
58
|
|
|
Criticized
nonperforming
|
|
1,050
|
|
|
550
|
|
|
453
|
|
|
463
|
|
|
158
|
|
|
91
|
|
|
**
|
|
|
PCI
loans(9)
|
|
933
|
|
|
958
|
|
|
131
|
|
|
154
|
|
|
160
|
|
|
(3)
|
|
|
**
|
|
|
Total commercial
loans
|
|
$
|
64,241
|
|
|
$
|
63,266
|
|
|
$
|
52,112
|
|
|
$
|
51,231
|
|
|
$
|
50,741
|
|
|
2
|
|
|
27
|
|
|
Risk category as a
percentage of period-end commercial loans held for
investment:(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncriticized
|
|
92.9%
|
|
|
94.4%
|
|
|
95.6%
|
|
|
95.4%
|
|
|
96.2%
|
|
|
(150)
bps
|
|
(330)
bps
|
|
Criticized
performing
|
|
4.0
|
|
|
3.2
|
|
|
3.3
|
|
|
3.4
|
|
|
3.2
|
|
|
80
|
|
|
80
|
|
|
Criticized
nonperforming
|
|
1.6
|
|
|
0.9
|
|
|
0.9
|
|
|
0.9
|
|
|
0.3
|
|
|
70
|
|
|
130
|
|
|
PCI loans
|
|
1.5
|
|
|
1.5
|
|
|
0.2
|
|
|
0.3
|
|
|
0.3
|
|
|
—
|
|
|
120
|
|
|
Total commercial
loans
|
|
100.0%
|
|
|
100.0%
|
|
|
100.0%
|
|
|
100.0%
|
|
|
100.0%
|
|
|
|
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
|
Table 12:
Financial & Statistical Summary—Other and Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 Q1
vs.
|
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
(Dollars in
millions) (unaudited)
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q1
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(expense)
|
|
$
|
66
|
|
|
$
|
47
|
|
|
$
|
(3)
|
|
|
$
|
(6)
|
|
|
$
|
15
|
|
|
40%
|
|
|
**
|
|
|
Non-interest
income
|
|
8
|
|
|
7
|
|
|
—
|
|
|
(29)
|
|
|
(17)
|
|
|
14
|
|
|
**
|
|
|
Total net revenue
(loss)(3)
|
|
74
|
|
|
54
|
|
|
(3)
|
|
|
(35)
|
|
|
(2)
|
|
|
37
|
|
|
**
|
|
|
Provision (benefit)
for credit losses
|
|
(2)
|
|
|
—
|
|
|
(2)
|
|
|
—
|
|
|
—
|
|
|
**
|
|
|
**
|
|
|
Non-interest
expense(10)
|
|
48
|
|
|
60
|
|
|
39
|
|
|
182
|
|
|
31
|
|
|
(20)
|
|
|
55%
|
|
|
Income (loss) from
continuing operations before income taxes
|
|
28
|
|
|
(6)
|
|
|
(40)
|
|
|
(217)
|
|
|
(33)
|
|
|
**
|
|
|
**
|
|
|
Income tax provision
(benefit)
|
|
(65)
|
|
|
(51)
|
|
|
(78)
|
|
|
(143)
|
|
|
(78)
|
|
|
27
|
|
|
(17)
|
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
93
|
|
|
$
|
45
|
|
|
$
|
38
|
|
|
$
|
(74)
|
|
|
$
|
45
|
|
|
107
|
|
|
107
|
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
82
|
|
|
$
|
88
|
|
|
$
|
92
|
|
|
$
|
95
|
|
|
$
|
104
|
|
|
(7)%
|
|
|
(21)%
|
|
|
Average loans held
for investment
|
|
78
|
|
|
82
|
|
|
88
|
|
|
93
|
|
|
102
|
|
|
(5)
|
|
|
(24)
|
|
|
Period-end
deposits
|
|
10,593
|
|
|
10,762
|
|
|
9,286
|
|
|
5,550
|
|
|
5,363
|
|
|
(2)
|
|
|
98
|
|
|
Average
deposits
|
|
10,850
|
|
|
10,581
|
|
|
7,352
|
|
|
5,289
|
|
|
5,413
|
|
|
3
|
|
|
100
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
5,056
|
|
|
$
|
4,961
|
|
|
$
|
4,760
|
|
|
$
|
4,537
|
|
|
$
|
4,576
|
|
|
2%
|
|
|
10%
|
|
|
Non-interest
income
|
|
1,164
|
|
|
1,233
|
|
|
1,140
|
|
|
1,135
|
|
|
1,071
|
|
|
(6)
|
|
|
9
|
|
|
Total net revenue
(loss)
|
|
6,220
|
|
|
6,194
|
|
|
5,900
|
|
|
5,672
|
|
|
5,647
|
|
|
—
|
|
|
10
|
|
|
Provision (benefit)
for credit losses
|
|
1,527
|
|
|
1,380
|
|
|
1,092
|
|
|
1,129
|
|
|
935
|
|
|
11
|
|
|
63
|
|
|
Non-interest
expense
|
|
3,223
|
|
|
3,480
|
|
|
3,160
|
|
|
3,307
|
|
|
3,049
|
|
|
(7)
|
|
|
6
|
|
|
Income (loss) from
continuing operations before income taxes
|
|
1,470
|
|
|
1,334
|
|
|
1,648
|
|
|
1,236
|
|
|
1,663
|
|
|
10
|
|
|
(12)
|
|
|
Income tax provision
(benefit)
|
|
452
|
|
|
426
|
|
|
530
|
|
|
384
|
|
|
529
|
|
|
6
|
|
|
(15)
|
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
1,018
|
|
|
$
|
908
|
|
|
$
|
1,118
|
|
|
$
|
852
|
|
|
$
|
1,134
|
|
|
12
|
|
|
(10)
|
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
227,613
|
|
|
$
|
229,851
|
|
|
$
|
213,329
|
|
|
$
|
209,705
|
|
|
$
|
203,978
|
|
|
(1)%
|
|
|
12%
|
|
|
Average loans held
for investment
|
|
226,736
|
|
|
220,052
|
|
|
211,227
|
|
|
206,337
|
|
|
205,194
|
|
|
3
|
|
|
10
|
|
|
Period-end
deposits
|
|
221,779
|
|
|
217,721
|
|
|
212,903
|
|
|
208,780
|
|
|
210,440
|
|
|
2
|
|
|
5
|
|
|
Average
deposits
|
|
219,180
|
|
|
215,899
|
|
|
210,974
|
|
|
209,143
|
|
|
207,851
|
|
|
2
|
|
|
5
|
|
|
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 REOs.
|
|
|
|
(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 to 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)
|
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.
|
|
|
|
(8)
|
Criticized exposures
correspond to the "Special Mention," "Substandard" and "Doubtful"
asset categories defined by bank regulatory authorities.
|
|
|
|
(9)
|
As of March 31, 2016,
the loans held for investment acquired in the HFS acquisition
included $825 million of PCI loans that are being accounted for
under ASC 310-30 (formerly "SOP 03-3") due to their deterioration
in credit quality since origination. 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 PCI loans to be classified based
on their risk ratings, our nonperforming loan rate and
nonperforming asset rate for Commercial Banking in Q1 2016 would be
1.69% and 1.70%, respectively; our Criticized performing balance
and percentage would increase to $3.3 billion and 5.17%,
respectively; Criticized nonperforming balance and percentage would
increase to $1.1 billion and 1.69%, respectively, with
corresponding decreases to the balance and percentage of our
Noncriticized category.
|
|
|
|
(10)
|
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)
|
|
March 31,
2016
|
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
|
Regulatory Capital
Metrics
|
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1
capital
|
|
$
|
29,237
|
|
|
$
|
29,544
|
|
|
$
|
30,109
|
|
|
$
|
29,804
|
|
|
$
|
29,671
|
|
|
Tier 1
capital
|
|
32,530
|
|
|
32,838
|
|
|
33,402
|
|
|
32,614
|
|
|
31,493
|
|
|
Total
capital(2)
|
|
38,368
|
|
|
38,838
|
|
|
37,694
|
|
|
37,115
|
|
|
35,878
|
|
|
Risk-weighted
assets
|
|
262,220
|
|
|
265,739
|
|
|
249,081
|
|
|
246,106
|
|
|
238,011
|
|
|
Average assets for
the leverage ratio
|
|
317,403
|
|
|
309,037
|
|
|
300,010
|
|
|
293,291
|
|
|
295,556
|
|
|
Capital
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1
capital ratio(3)
|
|
11.1%
|
|
|
11.1%
|
|
|
12.1%
|
|
|
12.1%
|
|
|
12.5%
|
|
|
Tier 1 capital
ratio(4)
|
|
12.4
|
|
|
12.4
|
|
|
13.4
|
|
|
13.3
|
|
|
13.2
|
|
|
Total capital
ratio(5)
|
|
14.6
|
|
|
14.6
|
|
|
15.1
|
|
|
15.1
|
|
|
15.1
|
|
|
Tier 1 leverage
ratio(6)
|
|
10.2
|
|
|
10.6
|
|
|
11.1
|
|
|
11.1
|
|
|
10.7
|
|
|
Tangible common
equity ("TCE") ratio(7)
|
|
9.1
|
|
|
8.9
|
|
|
9.8
|
|
|
9.7
|
|
|
9.8
|
|
|
|
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.
|
|
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
(Dollars in
millions) (unaudited)
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Tangible Common
Equity (Period End)
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
$
|
47,707
|
|
|
$
|
47,284
|
|
|
$
|
47,685
|
|
|
$
|
46,659
|
|
|
$
|
45,730
|
|
|
Goodwill and
intangible assets(8)
|
|
(15,629)
|
|
|
(15,701)
|
|
|
(15,153)
|
|
|
(15,240)
|
|
|
(15,307)
|
|
|
Noncumulative
perpetual preferred stock(9)
|
|
(3,296)
|
|
|
(3,294)
|
|
|
(3,294)
|
|
|
(2,810)
|
|
|
(1,822)
|
|
|
Tangible common
equity
|
|
$
|
28,782
|
|
|
$
|
28,289
|
|
|
$
|
29,238
|
|
|
$
|
28,609
|
|
|
$
|
28,601
|
|
|
Tangible Common
Equity (Average)
|
|
|
|
|
|
|
|
|
|
|
|
Average stockholders'
equity
|
|
$
|
49,078
|
|
|
$
|
48,712
|
|
|
$
|
48,456
|
|
|
$
|
47,255
|
|
|
$
|
46,397
|
|
|
Average goodwill and
intangible assets(8)
|
|
(15,654)
|
|
|
(15,316)
|
|
|
(15,183)
|
|
|
(15,256)
|
|
|
(15,339)
|
|
|
Average noncumulative
perpetual preferred stock(9)
|
|
(3,296)
|
|
|
(3,294)
|
|
|
(3,049)
|
|
|
(2,377)
|
|
|
(1,822)
|
|
|
Average tangible
common equity
|
|
$
|
30,128
|
|
|
$
|
30,102
|
|
|
$
|
30,224
|
|
|
$
|
29,622
|
|
|
$
|
29,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2015
|
|
2015
|
|
2015
|
|
(Dollars in
millions) (unaudited)
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Tangible Assets
(Period End)
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
330,346
|
|
|
$
|
334,048
|
|
|
$
|
313,700
|
|
|
$
|
310,510
|
|
|
$
|
306,224
|
|
|
Goodwill and
intangible assets(8)
|
|
(15,629)
|
|
|
(15,701)
|
|
|
(15,153)
|
|
|
(15,240)
|
|
|
(15,307)
|
|
|
Tangible
assets
|
|
$
|
314,717
|
|
|
$
|
318,347
|
|
|
$
|
298,547
|
|
|
$
|
295,270
|
|
|
$
|
290,917
|
|
|
Tangible Assets
(Average)
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets
|
|
$
|
331,919
|
|
|
$
|
323,354
|
|
|
$
|
313,822
|
|
|
$
|
307,206
|
|
|
$
|
309,401
|
|
|
Average goodwill and
intangible assets(8)
|
|
(15,654)
|
|
|
(15,316)
|
|
|
(15,183)
|
|
|
(15,256)
|
|
|
(15,339)
|
|
|
Average tangible
assets
|
|
$
|
316,265
|
|
|
$
|
308,038
|
|
|
$
|
298,639
|
|
|
$
|
291,950
|
|
|
$
|
294,062
|
|
|
|
|
Common Equity Tier
1 Capital Ratio Under Basel III Standardized
Approach
|
|
|
|
(Dollars in
millions) (unaudited)
|
|
March 31,
2016
|
|
December 31,
2015
|
|
September 30,
2015
|
|
June 30,
2015
|
|
March 31,
2015
|
|
Common equity
excluding AOCI
|
|
$
|
44,452
|
|
|
$
|
44,606
|
|
|
$
|
44,533
|
|
|
$
|
44,246
|
|
|
$
|
44,120
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
AOCI(10)(11)
|
|
117
|
|
|
(254)
|
|
|
75
|
|
|
(128)
|
|
|
(26)
|
|
|
Goodwill(8)
|
|
(14,301)
|
|
|
(14,296)
|
|
|
(13,805)
|
|
|
(13,809)
|
|
|
(13,801)
|
|
|
Intangible
assets(8)(11)
|
|
(532)
|
|
|
(393)
|
|
|
(374)
|
|
|
(413)
|
|
|
(450)
|
|
|
Other
|
|
(499)
|
|
|
(119)
|
|
|
(320)
|
|
|
(92)
|
|
|
(172)
|
|
|
Common equity Tier 1
capital
|
|
$
|
29,237
|
|
|
$
|
29,544
|
|
|
$
|
30,109
|
|
|
$
|
29,804
|
|
|
$
|
29,671
|
|
|
Risk-weighted
assets
|
|
$
|
262,220
|
|
|
$
|
265,739
|
|
|
$
|
249,081
|
|
|
$
|
246,106
|
|
|
$
|
238,011
|
|
|
Common equity Tier 1
capital ratio(3)
|
|
11.1%
|
|
|
11.1%
|
|
|
12.1%
|
|
|
12.1%
|
|
|
12.5%
|
|
|
|
__________
|
|
(1)
|
Regulatory capital
metrics and capital ratios as of March 31, 2016 are preliminary and
therefore subject to change.
|
|
(2)
|
Total capital equals
the sum of Tier 1 capital and Tier 2 capital.
|
|
(3)
|
Common equity Tier 1
capital ratio is a regulatory measure calculated based on Common
equity Tier 1 capital divided by risk-weighted assets.
|
|
(4)
|
Tier 1 capital ratio
is a regulatory capital measure calculated based on Tier 1 capital
divided by risk-weighted assets.
|
|
(5)
|
Total capital ratio
is a regulatory capital measure calculated based on Total capital
divided by risk-weighted assets.
|
|
(6)
|
Tier 1 leverage ratio
is a regulatory capital measure calculated based on Tier 1 capital
divided by average assets, after certain adjustments.
|
|
(7)
|
TCE ratio is a
non-GAAP measure calculated based on TCE divided by tangible
assets.
|
|
(8)
|
Includes impact of
related deferred taxes.
|
|
(9)
|
Includes related
surplus.
|
|
(10)
|
Amounts presented are
net of tax.
|
|
(11)
|
Amounts based on
transition provisions for regulatory capital deductions and
adjustments of 40% for 2015 and 60% for 2016.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/capital-one-reports-first-quarter-2016-net-income-of-10-billion-or-184-per-share-300257839.html
SOURCE Capital One Financial Corporation