MCLEAN, Va., April 19, 2012 /PRNewswire/ -- Capital One
Financial Corporation (NYSE: COF) today announced net income for
the first quarter of 2012 of $1.4
billion, or $2.72 per diluted
common share. Without the impact of a bargain purchase gain related
to the ING Direct acquisition, first quarter 2012 net income would
have been $809 million, or
$1.56 per diluted common share. This
compares with net income of $407
million, or $0.88 per diluted
common share, for the fourth quarter of 2011, and net income of
$1.0 billion, or $2.21 per diluted common share, for the first
quarter of 2011.
"We completed the ING Direct acquisition in the quarter, and
we're thrilled to welcome the customers and associates of ING
Direct to Capital One. We now look forward to completing the
acquisition of the HSBC US card business in the second quarter,"
said Richard Fairbank, Chairman and
Chief Executive Officer. "The combination of Capital One, ING
Direct and the HSBC US card business puts us in an even stronger
position to create sustained shareholder value through growth
potential, strong returns and strong capital generation.
We're focused on delivering that value, including distributing
capital to shareholders through a meaningful dividend and share
buybacks, consistent with our long-standing commitment to
maintaining a strong and resilient capital base."
Total Company Results
All comparisons in the following paragraphs are for first
quarter 2012 compared to fourth quarter 2011 unless otherwise
noted.
Loan and Deposit Balances
Average loans increased $21.3
billion in the quarter, driven largely by the February 17, 2012 acquisition of ING Direct.
Average loan balances in legacy businesses grew by $2 billion as the modest decline in the Domestic
Card business attributable to expected seasonal paydowns were more
than offset by growth in the Commercial Lending and Auto Finance
businesses. Period-end loan balances increased $37.9 billion to $173.8
billion.
Period-end total deposits grew $88.3
billion, including the addition of $84.4 billion of deposits from the acquisition of
ING Direct, to $216.5 billion.
Revenues
Total revenue in the first quarter of 2012 was $4.9 billion, up $885
million, or 22 percent. Higher revenue in our legacy
businesses was driven in part by increased average loan balances
and favorable margins. In addition, non-interest income
includes a bargain purchase gain of $594
million recognized in earnings for the quarter attributable
to the February 17, 2012 acquisition
of ING Direct. First quarter revenue also reflects a $160 million benefit related to the company's
sale of Visa stock and subsequent reserve adjustments and the
absence of approximately $150 million
of unique contra-revenue items recorded in the fourth
quarter. These benefits were partially offset by a
$75 million one-time reserve addition
associated with Domestic Card.
Margins
Net interest margin declined 102 basis points to 6.20 percent in
the quarter as a result of the on-boarding of ING Direct's lower
yielding assets and temporarily high cash balances.
Non-Interest Expense
Non-interest expense for the first quarter, inclusive of ING
Direct related expenses, decreased $114
million primarily due to a decline in marketing expense and
a modest decrease in legacy operating expense.
Pre-Provision Earnings (before tax)
Pre-provision earnings increased in the quarter as a result of
higher revenue due to the impacts of the ING Direct acquisition,
higher loan balances in several legacy businesses and the absence
of non-recurring items recorded in the fourth quarter of 2011.
Provision Expense
Strong credit performance led to a $288
million decrease in provision expense in the quarter, driven
by both lower charge-offs and a larger allowance release. The
charge-off rate decreased 65 basis points to 2.04 percent, while
the coverage ratio of allowance to loans fell by 79 basis points to
2.34 percent. This drop was significantly impacted by the ING
Direct loan.
Net Income
Net income in the quarter increased $996
million inclusive of a bargain purchase gain of $594 million attributable to the acquisition of
ING Direct. In addition to the ING Direct bargain purchase gain,
the increase in earnings was primarily driven by higher revenue and
lower non-interest and provision expenses in our legacy
businesses.
Capital Ratios
The company's estimated Tier 1 common ratio increased 220 basis
points from December 31, 2011, to
11.9 percent as of March 31,
2012, driven by strong retained earnings growth and capital
actions related to the financing of the company's two acquisitions.
The company expects to close the acquisition of HSBC's US card
portfolio in the second quarter of 2012, and expects that the
acquisition will have a significant impact on reported results,
especially in 2012, due to the purchase accounting effects,
integration expenses and partial year impacts of the
acquisition.
Tier 1 common ratio, as used throughout this release, is a
regulatory capital measure. For additional information, see Table
13 in the Financial Supplement.
Business Segment Results
Credit Card Highlights
In the first quarter, Domestic Card delivered strong profits,
improving credit and solid year-over-year growth in loans and
purchase volumes. Net income in the first quarter was $515 million, an increase of 30.4 percent over
the previous quarter. Total revenue declined 4.7 percent in the
first quarter of 2012 driven by a one-time reserve addition in the
first quarter.
Credit performance improved in the quarter. Domestic Card net
charge-off rate decreased 15 basis points in the quarter to 3.92
percent, and delinquencies declined 41 basis points to 3.25
percent, consistent with expected seasonal patterns.
Domestic Card loan balances declined seasonally in the quarter
by $3.4 billion to $53.2 billion. Compared to the first quarter of
last year, loans grew 5.1 percent.
Purchase volume grew 25.6 percent from the first quarter of 2011
and 14.6 percent excluding the Kohl's portfolio.
Consumer Banking Highlights
Consumer Banking delivered net income of $224 million in the first quarter of 2012, driven
by the addition of ING Direct and strong results in Auto Finance.
The significant increases in loan and deposit volumes, revenue and
non-interest expense were all driven by the addition of ING Direct
in the quarter.
Period-end loan balances were up $41.0
billion, including $40.4
billion of loan balances attributable to the acquisition of
ING Direct. Additionally, auto loans grew $1.8 billion. Growth in auto loans resulted from
traction in geographic expansion and the company's strategy to
deepen relationships with its most valued auto dealers. Auto
Finance originations in the quarter were $4.3 billion, up 19.1 percent from the fourth
quarter of 2011.
The company expects that the sizeable run-off of the ING Direct
home loan portfolio and the continuing run-off of the legacy Home
Loan portfolio will more than offset the growth in auto loans,
driving a declining trend in Consumer Banking loan balances for
several years.
Provision expense declined, with lower charge-offs in both the
Home Loan portfolio and Auto Finance, partially offset by an
allowance build driven by the increase in auto loan balances.
Charge-off rates improved with the addition of ING Direct home
loans which have no charge-offs due to the credit mark recognized
in purchase accounting and seasonal favorability in Auto
Finance.
Consumer Banking deposits were $176.0
billion at the end of the quarter, an increase of
$87.5 billion which includes
$84.4 billion of deposits from the
acquisition of ING Direct. Deposit interest expense decreased 11
basis points in the quarter.
Commercial Banking Highlights
Commercial Banking delivered another quarter of solid
profitability and steady loan growth, with total revenue of
$516 million, up $4 million in the first quarter of 2012 and
$69 million year-over-year. Net
income increased $93 million to
$210 million in the quarter.
Period-end loans increased slightly from the prior quarter and
15.3 percent from the first quarter of 2011. Commercial deposits
grew 5.1 percent in the quarter, and 15.2 percent year-over-year,
with improvements in deposit interest expense.
The charge-off rate for Commercial Banking was 0.19 percent,
down 43 basis points from the prior quarter. Excluding the
run-off in the Small Ticket CRE portfolio, the charge-off rate in
the core Commercial Lending businesses was zero in the quarter, an
improvement of 47 basis points from the prior quarter.
For more lending information and statistics on the segment
results, please refer to the Financial Supplement.
Forward-looking statements
The company cautions that its current expectations in this
release dated April 19, 2012 and the
company's plans, objectives, expectations and intentions, are
forward-looking statements which speak only as of the date hereof.
The company does not undertake any obligation to update or revise
any of the information contained herein whether as a result of new
information, future events or otherwise.
Certain statements in this release are forward-looking
statements, including those that discuss, among other things:
strategies, goals, outlook or other non-historical matters;
projections, revenues, income, returns, expenses, capital measures,
accruals for claims in litigation and for other claims against the
company, earnings per share or other financial measures for the
company; future financial and operating results; the company's
plans, objectives, expectations and intentions; the projected
impact and benefits of the acquisition of ING Direct (the "ING
Direct Transaction") and the pending acquisition of HSBC's U.S.
credit card business (the "HSBC Transaction" and, with the ING
Direct Transaction, the "Transactions"); and the assumptions that
underlie these matters. To the extent that any such
information is forward-looking, it is intended to fit within the
safe harbor for forward-looking information provided by the Private
Securities Litigation Reform Act of 1995. Numerous factors could
cause the company's actual results to differ materially from those
described in such forward-looking statements, including, among
other things: general economic and business conditions in the
U.S., the U.K., Canada or the
company's local markets, including conditions affecting employment
levels, interest rates, consumer income and confidence, spending
and savings that may affect consumer bankruptcies, defaults,
charge-offs and deposit activity; an increase or decrease in credit
losses (including increases due to a worsening of general economic
conditions in the credit environment); the possibility that the
company will not receive third-party consents necessary to fully
realize the anticipated benefits of the HSBC Transaction; the
possibility that the company may not fully realize the projected
cost savings and other projected benefits of the Transactions;
changes in the anticipated timing for closing the HSBC Transaction;
difficulties and delays in integrating the assets and businesses
acquired in the Transactions; business disruption during the
pendency of or following the Transactions; diversion of management
time on issues related to the Transactions, including integration
of the assets and businesses acquired; reputational risks and the
reaction of customers and counterparties to the Transactions;
disruptions relating to the Transactions negatively impacting the
company's ability to maintain relationships with customers,
employees and suppliers; changes in asset quality and credit risk
as a result of the Transactions; the accuracy of estimates and
assumptions the company uses to determine the fair value of assets
acquired and liabilities assumed in the Transactions, and the
potential for its estimates or assumptions to change as additional
information becomes available and the company completes the
accounting analysis of the Transactions; financial, legal,
regulatory, tax or accounting changes or actions, including the
impact of the Dodd-Frank Wall Street Reform and Consumer Protection
Act and the regulations promulgated thereunder; developments,
changes or actions relating to any litigation matter
involving the company; the inability to sustain revenue and
earnings growth; increases or decreases in interest rates; the
company's ability to access the capital markets at attractive rates
and terms to capitalize and fund its operations and future growth;
the success of the company's marketing efforts in attracting and
retaining customers; increases or decreases in the company's
aggregate loan balances or the number of customers and the growth
rate and composition thereof, including increases or decreases
resulting from factors such as shifting product mix, amount of
actual marketing expenses the company incurs and attrition of loan
balances; the level of future repurchase or indemnification
requests the company may receive, the actual future performance of
mortgage loans relating to such requests, the success rates of
claimants against the company, any developments in litigation and
the actual recoveries the company may make on any collateral
relating to claims against the company; the amount and rate of
deposit growth; changes in the reputation of or expectations
regarding the financial services industry or the company with
respect to practices, products or financial condition; any
significant disruption in the company's operations or technology
platform; the company's ability to maintain a compliance
infrastructure suitable for its size and complexity; the company's
ability to control costs; the amount of, and rate of growth in, the
company's expenses as its business develops or changes or as it
expands into new market areas; the company's ability to execute on
its strategic and operational plans; any significant disruption of,
or loss of public confidence in, the United States Mail service
affecting the company's response rates and consumer payments; the
company's ability to recruit and retain experienced personnel to
assist in the management and operations of new products and
services; changes in the labor and employment markets; fraud or
misconduct by the company's customers, employees or business
partners; competition from providers of products and services that
compete with the company's businesses; and other risk factors set
forth from time to time in reports that the company 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, 2011.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a
financial holding company whose subsidiaries, which include Capital
One, N.A., Capital One Bank (USA),
N. A., and ING Bank, fsb, had $216.5
billion in deposits and $294.5
billion in total assets outstanding as of March 31, 2012. Headquartered in McLean, Virginia, Capital One and ING Direct
offer 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 approximately 1,000
branch locations 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.
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Exhibit
99.2
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Capital
One Financial Corporation
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Financial Supplement
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First
Quarter 2012 (1)(2)
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Table
of Contents
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Page
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Capital
One Financial Consolidated
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Table 1:
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Financial & Statistical
Summary―Consolidated
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1
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Table 2:
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Notes
to Consolidated Financial & Statistical Summary (Table
1)
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2
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Table 3:
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Consolidated Statements of Income
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3
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Table 4:
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Consolidated Balance Sheets
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4
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Table 5:
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Average
Balances, Net Interest Income and Net Interest
Margin
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5
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Table 6:
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Loan
Information and Performance Statistics
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6
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Table 7:
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Loan
Information and Performance Statistics (Excluding Acquired Loans)
(3)
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7
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Business Segment Detail
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Table 8:
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Financial & Statistical Summary―Credit Card
Business
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8
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Table 9:
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Financial & Statistical Summary―Consumer
Banking Business
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9
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Table
10:
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Financial & Statistical Summary―Commercial
Banking Business
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10
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Table
11:
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Financial & Statistical Summary―Other and
Total
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11
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Table
12:
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Notes
to Loan and Business Segment Disclosures (Tables 6 —
11)
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12
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Other
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Table
13:
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Reconciliation of Non-GAAP Measures and
Calculation of Regulatory Capital Measures
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13
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(1)
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The
information contained in this Financial Supplement is preliminary
and based on data available at the time of the earnings
presentation, and investors should refer to our March 31, 2012
Quarterly Report on Form 10-Q once it is filed with the Securities
and Exchange Commission.
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(2)
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References
to ING Direct refer to the business and assets acquired and
liabilities assumed in the February 17, 2012
acquisition.
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(3)
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Acquired
loans consist of the substantial majority of loans acquired in the
Chevy Chase Bank and ING Direct business combinations, which were
recorded at fair value at acquisition and accounted for under
applicable accounting guidance. This accounting methodology
takes into consideration estimated credit losses expected to be
realized over the remaining lives of the loans. Accordingly,
we present certain credit quality metrics excluding the impact of
these loans where applicable.
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CAPITAL
ONE FINANCIAL CORPORATION (COF)
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Table
1: Financial & Statistical Summary—Consolidated
(1)
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2012
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2011
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2011
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(Dollars in millions, except per share data and as
noted) (unaudited)
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Q1
(2)
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Q4
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Q1
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Earnings
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Net
interest income
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$
3,414
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$
3,182
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$
3,140
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Non-interest income (3)
(4)
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1,521
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868
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|
942
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Total
revenue (5)
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4,935
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4,050
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4,082
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Provision
for credit losses
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573
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861
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534
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Marketing
expenses
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321
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|
420
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276
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Operating
expenses (6)
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2,183
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2,198
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1,886
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Income
from continuing operations before income taxes
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1,858
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571
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|
1,386
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Income tax
provision
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353
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|
160
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|
354
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Income
from continuing operations, net of tax
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1,505
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|
411
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1,032
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Loss from
discontinued operations, net of tax(3)
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(102)
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(4)
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(16)
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Net
income
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|
1,403
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|
407
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1,016
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Dividends
and undistributed earnings allocated to participating
securities
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(7)
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(26)
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—
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Net income
available to common stockholders
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$
1,396
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$
381
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$
1,016
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Common
Share Statistics
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Basic
EPS:
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Income from continuing operations, net
of tax
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$
2.94
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$
0.89
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$
2.27
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Loss from discontinued operations, net
of tax
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(0.20)
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(0.01)
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(0.03)
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Net income per common
share
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$
2.74
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$
0.88
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$
2.24
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Diluted
EPS:
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Income from continuing operations, net
of tax
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$
2.92
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$
0.89
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$
2.24
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Loss from discontinued operations, net
of tax
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(0.20)
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(0.01)
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(0.03)
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Net income per common share
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$
2.72
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$
0.88
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$
2.21
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Weighted
average common shares outstanding (in millions):
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Basic EPS
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508.7
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456.2
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454.1
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Diluted EPS
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513.1
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458.5
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460.3
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Common
shares outstanding (period end)
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580.2
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459.9
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458.7
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Dividends
per common share
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$
0.05
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$
0.05
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$
0.05
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Tangible
book value per common share (period end)(7)
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39.37
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34.26
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29.47
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Balance
Sheet (Period End)
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Loans held
for investment (8)
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$
173,822
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$
135,892
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$
124,092
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Interest-earning assets
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265,398
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179,878
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172,870
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Total
assets
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294,481
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206,019
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199,300
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Tangible
assets(9)
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280,067
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191,806
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184,928
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Interest-bearing deposits
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197,254
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109,945
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109,097
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Total
deposits
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216,528
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128,226
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125,446
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Borrowings
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32,885
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39,561
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39,797
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Stockholders' equity
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36,950
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29,666
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27,550
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Balance
Sheet (Quarterly Average Balances)
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Average
loans held for investment (8)
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$
152,900
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$
131,581
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$
125,077
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Average
interest-earning assets
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220,246
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176,271
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173,440
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Average
total assets
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246,384
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200,106
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198,075
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Average
interest-bearing deposits
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151,625
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109,914
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108,633
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Average
total deposits
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170,259
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128,450
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124,158
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Average
borrowings
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35,994
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34,812
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40,538
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Average
stockholders' equity
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|
32,982
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|
29,698
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|
27,009
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Performance Metrics
|
|
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Net
interest income growth (quarter over
quarter)
|
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7
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%
|
(3)
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%
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4
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%
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Non-interest income growth(quarter over
quarter)
|
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75
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|
—
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—
|
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Revenue
growth(quarter over quarter)
|
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22
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(3)
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3
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Revenue
margin (10)
|
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8.96
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|
9.19
|
|
9.41
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Net
interest margin (11)
|
|
6.20
|
|
7.22
|
|
7.24
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Return on
average assets (12)
|
|
2.44
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|
0.82
|
|
2.08
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Return on
average equity (13)
|
|
18.25
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|
5.54
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|
15.28
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Return on
average tangible common equity(14)
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31.60
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10.43
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|
31.73
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Non-interest expense as a % of average loans held for
investment (15)
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|
6.55
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|
7.96
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|
6.91
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Efficiency
ratio(16)
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|
50.74
|
|
64.64
|
|
52.96
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Effective
income tax rate
|
|
19.0
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28.0
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25.5
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|
Full-time
equivalent employees (in thousands)
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|
34.2
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30.5
|
|
27.9
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|
|
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|
|
|
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|
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Credit
Quality Metrics
|
|
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|
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Allowance
for loan and lease losses
|
|
$
4,060
|
|
$
4,250
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|
$
5,067
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Allowance
as a % of loans held for investment
|
|
2.34
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%
|
3.13
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%
|
4.08
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%
|
Allowance
as a % of loans held for investment (excluding acquired
loans)
|
|
3.08
|
|
3.22
|
|
4.23
|
|
Net
charge-offs
|
|
$
780
|
|
$
884
|
|
$
1,145
|
|
Net
charge-off rate (17) (18)
|
|
2.04
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%
|
2.69
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%
|
3.66
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%
|
Net
charge-off rate (excluding acquired loans)
|
|
2.40
|
|
2.79
|
|
3.82
|
|
30+ day
performing delinquency rate (19)
|
|
2.23
|
|
3.35
|
|
3.07
|
|
30+ day
performing delinquency rate (excluding acquired loans)
|
|
2.96
|
|
3.47
|
|
3.18
|
|
30+ day
delinquency rate(20)
|
|
—
|
|
3.95
|
|
3.79
|
|
|
|
|
|
|
|
|
|
Capital
Ratios
|
|
|
|
|
|
|
|
Tier 1
risk-based capital ratio (21)
|
|
13.9
|
%
|
12.0
|
%
|
10.9
|
%
|
Tier 1
common ratio (22)
|
|
11.9
|
|
9.7
|
|
8.4
|
|
Total
risk-based capital ratio (23)
|
|
16.5
|
|
14.9
|
|
14.2
|
|
Tangible
common equity (TCE) ratio(24)
|
|
8.2
|
|
8.2
|
|
7.3
|
|
|
|
|
|
|
|
|
|
CAPITAL
ONE FINANCIAL CORPORATION (COF)
|
|
|
|
|
|
|
|
|
Table
2: Notes to Consolidated Financial & Statistical Summary
(Table 1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Certain
prior period amounts have been reclassified to conform to the
current period presentation.
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Results
for Q1 2012 include the impact of the February 17, 2012 acquisition
of ING Direct, which resulted in the addition of loans with an
outstanding principal and interest loan balance of $40.4 billion
and deposits of $84.4 billion at acquisition.
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
The
mortgage representation and warranty reserve increased to $1.1
billion as of March 31, 2012, from $943 million as of December 31,
2011. We recorded a provision for repurchase losses of $169 million
in Q1 2012, $59 million in Q4 2011, and $44 million in Q1 2011. The
majority of the provision for repurchase losses is generally
included in discontinued operations, with the remaining portion
included in non-interest income.
|
|
|
|
|
|
|
|
|
|
|
|
(4)
|
Includes a
bargain purchase gain of $594 million recognized in earnings in Q1
2012 attributable to the February 17, 2012 acquisition of ING
Direct.
|
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
The
estimated uncollectible amount of billed finance charges and fees
excluded from revenue totaled $123 million in Q1 2012, $130 million
in Q4 2011, and $105 million in Q1 2011.
|
|
|
|
|
|
|
|
|
|
|
|
(6)
|
Includes
merger-related expenses attributable to acquisitions of $86
million in Q1 2012 and $27 million in Q4 2011. Also, includes
core deposit intangible amortization expense of $46 million in Q1
2012, $40 million in Q4 2011, and $45 million in Q1
2011.
|
|
|
|
|
|
|
|
|
|
|
|
(7)
|
Tangible
book value per common share is a non-GAAP measure calculated based
on tangible common equity divided by common shares outstanding. See
"Table 13: Reconciliation of Non-GAAP Measures and Calculation of
Regulatory Capital Measures" for the calculation of tangible common
equity.
|
|
|
|
|
|
|
|
|
|
|
|
(8)
|
See Table
7 for additional information on acquired loans and our credit
quality metrics excluding acquired loans.
|
|
|
|
|
|
|
|
|
|
|
|
(9)
|
Tangible
assets is a non-GAAP measure consisting of total assets less assets
from discontinued operations and intangible assets. See "Table 13:
Reconciliation of Non-GAAP Measures and Calculation of Regulatory
Capital Measures" for the calculation of this measure.
|
|
|
|
|
|
|
|
|
|
|
|
(10)
|
Calculated
based on annualized total revenue for the period divided by average
interest-earning assets for the period.
|
|
|
|
|
|
|
|
|
|
|
|
(11)
|
Calculated
based on annualized net interest income for the period divided by
average interest-earning assets for the period.
|
|
|
|
|
|
|
|
|
|
|
|
(12)
|
Calculated
based on annualized income from continuing operations, net of tax,
for the period divided by average total assets for the
period.
|
|
|
|
|
|
|
|
|
|
|
|
(13)
|
Calculated
based on annualized income from continuing operations, net of tax,
for the period divided by average stockholders' equity for the
period.
|
|
|
|
|
|
|
|
|
|
|
|
(14)
|
Calculated
based on annualized income from continuing operations, net of tax,
for the period divided by average tangible common equity for the
period.
|
|
|
|
|
|
|
|
|
|
|
|
(15)
|
Calculated
based on annualized non-interest expense for the period divided by
average loans held for investment for the period.
|
|
|
|
|
|
|
|
|
|
|
|
(16)
|
Calculated
based on non-interest expense for the period divided by total
revenue for the period.
|
|
|
|
|
|
|
|
|
|
|
|
(17)
|
In
accordance with our loss-sharing agreement with Kohl's, charge-offs
for the portfolio are reported net of any reimbursement of credit
losses from Kohl's, which has the impact of lowering the overall
charge-off rate.
|
|
|
|
|
|
|
|
|
|
|
|
(18)
|
Calculated
based on annualized net charge-offs for the period divided by
average loans held for investment for the period.
|
|
|
|
|
|
|
|
|
|
|
|
(19)
|
The 30+
day performing delinquency rate for acquired loans, which is
presented below, is calculated based on the contractual past due
unpaid principal balance divided by the total outstanding unpaid
principal balance of acquired loans as of the end of each
period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2011
|
|
|
|
(Dollars in millions) (unaudited)
|
|
Q1
|
|
Q4
|
|
Q1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
period-end acquired loan portfolio (unpaid principal
balance)
|
$44,798
|
|
$5,751
|
|
$6,698
|
|
|
|
30+ day
performing delinquency rates (acquired loans)
|
3.05%
|
|
3.05%
|
|
2.97%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(20)
|
The 30+
day total delinquency rate as of the end of Q1 2012 will be
provided in the March 31, 2012 Quarterly Report on Form
10-Q.
|
|
|
|
|
|
|
|
|
|
|
|
(21)
|
Tier 1
risk-based capital ratio is a regulatory capital measure calculated
based on Tier 1 capital divided by risk-weighted assets. See "Table
13: Reconciliation of Non-GAAP Measures and Calculation of
Regulatory Capital Measures" for the calculation of this
ratio.
|
|
|
|
|
|
|
|
|
|
|
|
(22)
|
Tier 1
common ratio is a regulatory capital measure calculated based on
Tier 1 common capital divided by risk-weighted assets. See "Table
13: Reconciliation of Non-GAAP Measures and Calculation of
Regulatory Capital Measures" for the calculation of this
ratio.
|
|
|
|
|
|
|
|
|
|
|
|
(23)
|
Total
risk-based capital ratio is a regulatory capital measure calculated
based on total risk-based capital divided by risk-weighted assets.
See "Table 13: Reconciliation of Non-GAAP Measures and Calculation
of Regulatory Capital Measures" for the calculation of this
ratio.
|
|
|
|
|
|
|
|
|
|
|
|
(24)
|
TCE ratio
is a non-GAAP measure calculated based on tangible common equity
divided by tangible assets. See "Table 13: Reconciliation of
Non-GAAP Measures and Calculation of Regulatory Capital Measures"
for the calculation of this ratio and non-GAAP
reconciliation.
|
CAPITAL
ONE FINANCIAL CORPORATION (COF)
|
|
|
|
|
|
Table
3: Consolidated Statements of Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
|
|
March
31,
|
|
December 31,
|
|
March
31,
|
|
(Dollars in millions, except per share data)
(unaudited)
|
|
2012
|
|
2011
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income:
|
|
|
|
|
|
|
|
Loans held
for investment, including past-due fees
|
|
$
3,655
|
|
$
3,440
|
|
$
3,417
|
|
Investment
securities
|
|
298
|
|
244
|
|
316
|
|
Other
|
|
|
26
|
|
17
|
|
19
|
|
|
Total
interest income
|
|
3,979
|
|
3,701
|
|
3,752
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense:
|
|
|
|
|
|
|
|
Deposits
|
|
|
311
|
|
264
|
|
322
|
|
Securitized debt obligations
|
|
80
|
|
80
|
|
140
|
|
Senior and
subordinated notes
|
|
88
|
|
89
|
|
64
|
|
Other
borrowings
|
|
86
|
|
86
|
|
86
|
|
|
Total
interest expense
|
|
565
|
|
519
|
|
612
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
3,414
|
|
3,182
|
|
3,140
|
|
Provision
for credit losses
|
|
573
|
|
861
|
|
534
|
|
Net
interest income after provision for credit losses
|
|
2,841
|
|
2,321
|
|
2,606
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income:
|
|
|
|
|
|
|
|
Service
charges and other customer-related fees
|
|
415
|
|
452
|
|
525
|
|
Interchange fees, net
|
|
328
|
|
346
|
|
320
|
|
Net
other-than-temporary impairment losses recognized in
earnings
|
|
(14)
|
|
(6)
|
|
(3)
|
|
Bargain
purchase gain (1)
|
|
594
|
|
—
|
|
—
|
|
Other
|
|
|
198
|
|
76
|
|
100
|
|
|
Total
non-interest income
|
|
1,521
|
|
868
|
|
942
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense:
|
|
|
|
|
|
|
|
Salaries
and associate benefits
|
|
891
|
|
817
|
|
741
|
|
Marketing
|
|
|
321
|
|
420
|
|
276
|
|
Communications and data processing
|
|
173
|
|
177
|
|
164
|
|
Supplies
and equipment
|
|
150
|
|
137
|
|
135
|
|
Occupancy
|
|
123
|
|
131
|
|
119
|
|
Other
|
|
|
846
|
|
936
|
|
727
|
|
|
Total
non-interest expense
|
|
2,504
|
|
2,618
|
|
2,162
|
|
Income
from continuing operations before income taxes
|
|
1,858
|
|
571
|
|
1,386
|
|
Income tax
provision
|
|
353
|
|
160
|
|
354
|
|
Income
from continuing operations, net of tax
|
|
1,505
|
|
411
|
|
1,032
|
|
Loss from
discontinued operations, net of tax
|
|
(102)
|
|
(4)
|
|
(16)
|
|
|
Net
income
|
|
1,403
|
|
407
|
|
1,016
|
|
Dividends
and undistributed earnings allocated to participating
securities
|
|
(7)
|
|
(26)
|
|
—
|
|
|
Net income
available to common stockholders
|
|
$
1,396
|
|
$
381
|
|
$
1,016
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per common share:
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
$
2.94
|
|
$
0.89
|
|
$
2.27
|
|
Loss from discontinued operations
|
|
(0.20)
|
|
(0.01)
|
|
(0.03)
|
|
Net
income per basic common share
|
|
$
2.74
|
|
$
0.88
|
|
$
2.24
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per common share:
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
$
2.92
|
|
$
0.89
|
|
$
2.24
|
|
Loss from discontinued operations
|
|
(0.20)
|
|
(0.01)
|
|
(0.03)
|
|
Net
income per diluted common share
|
|
$
2.72
|
|
$
0.88
|
|
$
2.21
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding (in
millions):
|
|
|
|
|
|
|
|
Basic EPS
|
|
508.7
|
|
456.2
|
|
454.1
|
|
Diluted EPS
|
|
513.1
|
|
458.5
|
|
460.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
paid per common share
|
|
$
0.05
|
|
$
0.05
|
|
$
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Represents
the excess of the fair value of the net assets acquired in the ING
Direct acquisition as of the acquisition date of February 17, 2012
over the consideration transferred.
|
CAPITAL
ONE FINANCIAL CORPORATION (COF)
|
|
|
Table
4: Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December 31,
|
|
March 31,
|
(Dollars in millions)(unaudited)
|
|
2012
|
|
2011
|
|
2011
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
Cash and
due from banks
|
|
$
27,341
|
|
$
2,097
|
|
$
2,028
|
Interest-bearing deposits with banks
|
|
3,007
|
|
3,399
|
|
5,397
|
Federal
funds sold and securites purchased under agreements to
resell
|
|
308
|
|
342
|
|
546
|
|
Cash and
cash equivalents
|
|
30,656
|
|
5,838
|
|
7,971
|
Restricted
cash for securitization investors
|
|
1,090
|
|
791
|
|
2,556
|
Securities
available for sale, at fair value
|
|
60,810
|
|
38,759
|
|
41,566
|
Loans held
for investment:
|
|
|
|
|
|
|
|
Unsecuritized loans held for investment
|
|
128,927
|
|
88,242
|
|
75,184
|
|
Restricted
loans for securitization investors
|
|
44,895
|
|
47,650
|
|
48,908
|
|
Total
loans held for investment
|
|
173,822
|
|
135,892
|
|
124,092
|
|
Less: Allowance for loan and lease
losses
|
|
(4,060)
|
|
(4,250)
|
|
(5,067)
|
|
Net loans
held for investment
|
|
169,762
|
|
131,642
|
|
119,025
|
Loans held
for sale, at lower-of-cost-or-fair-value
|
|
627
|
|
201
|
|
117
|
Accounts
receivable from securitizations
|
|
96
|
|
94
|
|
112
|
Premises
and equipment, net
|
|
3,062
|
|
2,748
|
|
2,739
|
Interest
receivable
|
|
1,157
|
|
1,029
|
|
1,025
|
Goodwill
|
|
13,595
|
|
13,592
|
|
13,597
|
Other
|
|
13,626
|
|
11,325
|
|
10,592
|
|
Total
assets
|
|
$
294,481
|
|
$
206,019
|
|
$
199,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
Interest
payable
|
|
$
384
|
|
$
466
|
|
$
411
|
Customer
deposits:
|
|
|
|
|
|
|
|
Non-interest bearing deposits
|
|
19,274
|
|
18,281
|
|
16,349
|
|
Interest-bearing deposits
|
|
197,254
|
|
109,945
|
|
109,097
|
|
Total
customer deposits
|
|
216,528
|
|
128,226
|
|
125,446
|
Securitized debt obligations
|
|
15,474
|
|
16,527
|
|
24,506
|
Other
debt:
|
|
|
|
|
|
|
|
Federal
funds purchased and securities loaned or sold under agreements to
repurchase
|
|
770
|
|
1,464
|
|
1,970
|
|
Senior and
subordinated notes
|
|
11,948
|
|
11,034
|
|
8,545
|
|
Other
borrowings
|
|
4,693
|
|
10,536
|
|
4,776
|
|
Total
other debt
|
|
17,411
|
|
23,034
|
|
15,291
|
Other
liabilities
|
|
7,734
|
|
8,100
|
|
6,096
|
|
Total
liabilities
|
|
257,531
|
|
176,353
|
|
171,750
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
Common
stock
|
|
6
|
|
5
|
|
5
|
Paid-in
capital, net
|
|
25,136
|
|
19,274
|
|
19,141
|
Retained
earnings and accumulated other comprehensive income
|
|
15,094
|
|
13,631
|
|
11,644
|
Less: Treasury stock, at cost
|
|
(3,286)
|
|
(3,244)
|
|
(3,240)
|
|
Total
stockholders' equity
|
|
36,950
|
|
29,666
|
|
27,550
|
|
Total
liabilities and stockholders' equity
|
|
$
294,481
|
|
$
206,019
|
|
$
199,300
|
|
|
|
|
|
|
|
|
CAPITAL
ONE FINANCIAL CORPORATION (COF)
|
|
|
|
|
|
|
|
|
|
Table
5: Average Balances, Net Interest Income and Net Interest
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
Q1
|
|
|
2011
Q4
|
|
2011
Q1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions)(unaudited)
|
Average
Balance
|
|
Interest Income/
Expense
|
|
Yield/
Rate
|
|
|
Average
Balance
|
|
Interest Income/
Expense
|
|
Yield/
Rate
|
|
Average
Balance
|
|
Interest Income/
Expense
|
|
Yield/
Rate
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held
for investment
|
$
152,900
|
|
$
3,655
|
|
9.56
|
%
|
|
$
131,581
|
|
$
3,440
|
|
10.46
|
%
|
$
125,077
|
|
$
3,417
|
|
10.93
|
%
|
|
|
Investment
securities
|
50,543
|
|
298
|
|
2.36
|
|
|
39,005
|
|
244
|
|
2.50
|
|
41,532
|
|
316
|
|
3.04
|
|
|
|
Cash
equivalents and other
|
16,803
|
|
26
|
|
0.62
|
|
|
5,685
|
|
17
|
|
1.20
|
|
6,831
|
|
19
|
|
1.11
|
|
|
Total
interest-earning assets
|
$
220,246
|
|
$
3,979
|
|
7.23
|
%
|
|
$
176,271
|
|
$
3,701
|
|
8.40
|
%
|
$
173,440
|
|
$
3,752
|
|
8.65
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOW
accounts
|
$
24,912
|
|
$
34
|
|
0.55
|
%
|
|
$
13,700
|
|
$
12
|
|
0.35
|
%
|
$
13,648
|
|
$
9
|
|
0.26
|
%
|
|
|
|
Money
market deposit accounts
|
76,362
|
|
131
|
|
0.69
|
|
|
47,167
|
|
87
|
|
0.74
|
|
45,613
|
|
110
|
|
0.96
|
|
|
|
|
Savings
accounts
|
31,743
|
|
34
|
|
0.43
|
|
|
31,422
|
|
47
|
|
0.60
|
|
26,801
|
|
55
|
|
0.82
|
|
|
|
|
Other
consumer time deposits
|
12,763
|
|
74
|
|
2.32
|
|
|
12,264
|
|
77
|
|
2.51
|
|
15,344
|
|
99
|
|
2.58
|
|
|
|
|
Public
fund CD's of $100,000 or more
|
84
|
|
-
|
|
-
|
|
|
84
|
|
1
|
|
4.76
|
|
149
|
|
1
|
|
2.68
|
|
|
|
|
CD's of
$100,000 or more
|
4,787
|
|
37
|
|
3.09
|
|
|
4,748
|
|
39
|
|
3.29
|
|
6,097
|
|
47
|
|
3.08
|
|
|
|
|
Foreign
time deposits
|
974
|
|
1
|
|
0.41
|
|
|
529
|
|
1
|
|
0.76
|
|
981
|
|
1
|
|
0.41
|
|
|
|
Total
interest-bearing deposits
|
$
151,625
|
|
$
311
|
|
0.82
|
%
|
|
$
109,914
|
|
$
264
|
|
0.96
|
%
|
$
108,633
|
|
$
322
|
|
1.19
|
%
|
|
|
Securitized debt obligations
|
16,185
|
|
80
|
|
1.98
|
|
|
16,780
|
|
80
|
|
1.91
|
|
25,515
|
|
140
|
|
2.19
|
|
|
|
Senior and
subordinated notes
|
10,268
|
|
88
|
|
3.43
|
|
|
10,237
|
|
89
|
|
3.48
|
|
8,090
|
|
64
|
|
3.16
|
|
|
|
Other
borrowings
|
9,541
|
|
86
|
|
3.61
|
|
|
7,794
|
|
86
|
|
4.41
|
|
6,933
|
|
86
|
|
4.96
|
|
|
Total
interest-bearing liabilities
|
$
187,619
|
|
$
565
|
|
1.20
|
%
|
|
$
144,725
|
|
$
519
|
|
1.43
|
%
|
$
149,171
|
|
$
612
|
|
1.64
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income/spread
|
|
|
$
3,414
|
|
6.03
|
%
|
|
|
|
$
3,182
|
|
6.97
|
%
|
|
|
$
3,140
|
|
7.01
|
%
|
|
Impact of
non-interest bearing funding
|
|
|
|
|
0.17
|
|
|
|
|
|
|
0.25
|
|
|
|
|
|
0.23
|
|
|
Net
interest margin
|
|
|
|
|
6.20
|
%
|
|
|
|
|
|
7.22
|
%
|
|
|
|
|
7.24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
ONE FINANCIAL CORPORATION (COF)
|
|
|
|
|
|
Table
6: Loan Information and Performance Statistics
(1)
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2011
|
|
(Dollars in millions)(unaudited)
|
|
Q1(2)
|
|
Q4
|
|
Q1
|
|
Period-end Loans Held For
Investment
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
Domestic credit card
|
|
$
53,173
|
|
$
56,609
|
|
$
50,570
|
|
International credit card
|
|
8,303
|
|
8,466
|
|
8,735
|
|
Total credit
card
|
|
61,476
|
|
65,075
|
|
59,305
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
Automobile
|
|
23,568
|
|
21,779
|
|
18,342
|
|
Home loan
|
|
49,550
|
|
10,433
|
|
11,741
|
|
Retail banking
|
|
4,182
|
|
4,103
|
|
4,223
|
|
Total consumer
banking
|
|
77,300
|
|
36,315
|
|
34,306
|
|
Commercial
banking: (3)
|
|
|
|
|
|
|
|
Commercial and multifamily real
estate
|
|
15,702
|
|
15,736
|
|
13,791
|
|
Commercial and industrial
|
|
17,761
|
|
17,088
|
|
14,694
|
|
Total commercial
lending
|
|
33,463
|
|
32,824
|
|
28,485
|
|
Small-ticket commercial real
estate
|
|
1,443
|
|
1,503
|
|
1,780
|
|
Total commercial
banking
|
|
34,906
|
|
34,327
|
|
30,265
|
|
Other
loans
|
|
140
|
|
175
|
|
216
|
|
Total
|
|
$
173,822
|
|
$
135,892
|
|
$
124,092
|
|
|
|
|
|
|
|
|
|
Average
Loans Held For Investment
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
Domestic credit card
|
|
$
54,131
|
|
$
54,403
|
|
$
51,889
|
|
International credit card
|
|
8,301
|
|
8,361
|
|
8,697
|
|
Total credit
card
|
|
62,432
|
|
62,764
|
|
60,586
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
Automobile
|
|
22,582
|
|
21,101
|
|
18,025
|
|
Home loan
|
|
29,502
|
|
10,683
|
|
11,960
|
|
Retail banking
|
|
4,179
|
|
4,007
|
|
4,251
|
|
Total consumer
banking
|
|
56,263
|
|
35,791
|
|
34,236
|
|
Commercial
banking: (3)
|
|
|
|
|
|
|
|
Commercial and multifamily real
estate
|
|
15,514
|
|
14,920
|
|
13,579
|
|
Commercial and industrial
|
|
17,038
|
|
16,376
|
|
14,630
|
|
Total commercial
lending
|
|
32,552
|
|
31,296
|
|
28,209
|
|
Small-ticket commercial real
estate
|
|
1,480
|
|
1,547
|
|
1,818
|
|
Total commercial
banking
|
|
34,032
|
|
32,843
|
|
30,027
|
|
Other
loans
|
|
173
|
|
183
|
|
228
|
|
Total
|
|
$
152,900
|
|
$
131,581
|
|
$
125,077
|
|
|
|
|
|
|
|
|
|
Net
Charge-off Rates
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
Domestic credit card
(4)
|
|
3.92
|
%
|
4.07
|
%
|
6.20
|
%
|
International credit card
|
|
5.52
|
|
5.77
|
|
5.74
|
|
Total credit
card
|
|
4.14
|
%
|
4.30
|
%
|
6.13
|
%
|
Consumer
banking:
|
|
|
|
|
|
|
|
Automobile(5)
|
|
1.41
|
%
|
2.07
|
%
|
1.98
|
%
|
Home loan (5)
|
|
0.20
|
|
0.90
|
|
0.71
|
|
Retail banking (5)
|
|
1.39
|
|
1.44
|
|
2.24
|
|
Total consumer banking
(5)
|
|
0.77
|
%
|
1.65
|
%
|
1.57
|
%
|
Commercial
banking: (3)
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
(5)
|
|
0.09
|
%
|
0.75
|
%
|
0.58
|
%
|
Commercial and industrial
(5)
|
|
(0.08)
|
|
0.21
|
|
0.21
|
|
Total commercial
lending (5)
|
|
—
|
%
|
0.47
|
%
|
0.39
|
%
|
Small-ticket commercial real
estate
|
|
4.24
|
|
3.73
|
|
7.14
|
|
Total commercial
banking (5)
|
|
0.19
|
%
|
0.62
|
%
|
0.80
|
%
|
Other
loans
|
|
23.30
|
%
|
24.08
|
%
|
38.33
|
%
|
Total
|
|
2.04
|
%
|
2.69
|
%
|
3.66
|
%
|
|
|
|
|
|
|
|
|
30+ Day
Performing Delinquency Rates (6)
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
Domestic credit card
|
|
3.25
|
%
|
3.66
|
%
|
3.59
|
%
|
International credit card
|
|
5.14
|
|
5.18
|
|
5.55
|
|
Total credit
card
|
|
3.51
|
%
|
3.86
|
%
|
3.88
|
%
|
Consumer
banking:
|
|
|
|
|
|
|
|
Automobile(5)
|
|
4.87
|
%
|
6.88
|
%
|
5.79
|
%
|
Home loan (5)
|
|
0.15
|
|
0.89
|
|
0.61
|
|
Retail banking (5)
|
|
0.80
|
|
0.83
|
|
0.93
|
|
Total consumer banking
(5)
|
|
1.63
|
%
|
4.47
|
%
|
3.42
|
%
|
|
|
|
|
|
|
|
|
Nonperforming Asset Rates (7)
(8)
|
|
|
|
|
|
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
Automobile(5)
|
|
0.32
|
%
|
0.58
|
%
|
0.39
|
%
|
Home loan (5)
|
|
0.94
|
|
4.58
|
|
4.34
|
|
Retail banking (5)
|
|
2.25
|
|
2.50
|
|
2.44
|
|
Total consumer banking
(5)
|
|
0.82
|
%
|
1.94
|
%
|
2.00
|
%
|
Commercial
banking: (3)
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
(5)
|
|
1.55
|
%
|
1.40
|
%
|
2.59
|
%
|
Commercial and industrial
(5)
|
|
0.69
|
|
0.80
|
|
1.15
|
|
Total commercial
lending (5)
|
|
1.09
|
%
|
1.09
|
%
|
1.85
|
%
|
Small-ticket commercial real
estate
|
|
4.35
|
|
2.86
|
|
3.39
|
|
Total commercial
banking (5)
|
|
1.23
|
%
|
1.17
|
%
|
1.94
|
%
|
|
|
|
|
|
|
|
|
CAPITAL
ONE FINANCIAL CORPORATION (COF)
|
|
|
|
Table
7: Loan Information and Performance Statistics (Excluding Acquired
Loans)(1) (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2011
|
|
|
(Dollars in millions) (unaudited)
|
|
Q1
|
|
Q4
|
|
Q1
|
|
|
Total
period-end acquired loan portfolio (9)
|
$
43,132
|
|
$
4,689
|
|
$
5,351
|
|
|
Total
average acquired loan portfolio (9)
|
23,067
|
|
4,781
|
|
5,305
|
|
|
|
|
|
|
|
|
|
|
|
Net
Charge-off Rates
|
|
|
|
|
|
|
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
Auto
|
1.41
|
%
|
2.07
|
%
|
1.98
|
%
|
|
Home loan
|
0.82
|
|
1.48
|
|
1.16
|
|
|
Retail banking
|
1.40
|
|
1.46
|
|
2.32
|
|
|
Total consumer banking
|
1.29
|
%
|
1.87
|
%
|
1.82
|
%
|
|
|
|
|
|
|
|
|
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
Commercial and multifamily
real estate
|
0.09
|
%
|
0.76
|
%
|
0.59
|
%
|
|
Commercial and
industrial
|
(0.08)
|
|
0.22
|
|
0.22
|
|
|
Total commercial lending
|
0.01
|
|
0.48
|
|
0.40
|
|
|
Total commercial banking
|
0.19
|
%
|
0.63
|
%
|
0.81
|
%
|
|
|
|
|
|
|
|
|
|
|
30+ Day
Performing Delinquency Rates
|
|
|
|
|
|
|
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
Auto
|
|
4.88
|
%
|
6.90
|
%
|
5.83
|
%
|
|
Home loan
|
1.10
|
|
1.47
|
|
1.02
|
|
|
Retail banking
|
0.81
|
|
0.84
|
|
0.93
|
|
|
Total consumer banking
|
3.63
|
%
|
5.06
|
%
|
3.98
|
%
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Asset Rates
|
|
|
|
|
|
|
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
Auto
|
|
0.32
|
%
|
0.58
|
%
|
0.39
|
%
|
|
Home loan
|
6.66
|
|
7.55
|
|
7.24
|
|
|
Retail banking
|
2.28
|
|
2.52
|
|
2.44
|
|
|
Total consumer banking
|
1.83
|
%
|
2.20
|
%
|
2.32
|
%
|
|
|
|
|
|
|
|
|
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
Commercial and multifamily
real estate
|
1.57
|
%
|
1.42
|
%
|
2.64
|
%
|
|
Commercial and
industrial
|
0.70
|
|
0.81
|
|
1.17
|
|
|
Total commercial lending
|
1.11
|
|
1.10
|
|
1.88
|
|
|
Total commercial banking
|
1.25
|
%
|
1.18
|
%
|
1.97
|
%
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans as a Percentage of Period-end
Loans Held for Investment
|
|
|
|
|
|
|
|
|
Consumer banking
|
|
1.71
|
%
|
2.03
|
%
|
2.14
|
%
|
|
Commercial banking
|
1.17
|
|
1.10
|
|
1.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
ONE FINANCIAL CORPORATION (COF)
|
|
|
|
Table
8: Financial & Statistical Summary—Credit Card
Business
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2011
|
|
(Dollars in millions) (unaudited)
|
|
Q1
(2)
|
|
Q4
|
|
Q1
|
|
Credit
Card
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
1,992
|
|
$
1,949
|
|
$
1,941
|
|
Non-interest income
|
|
598
|
|
638
|
|
674
|
|
Total revenue
|
|
2,590
|
|
2,587
|
|
2,615
|
|
Provision for credit losses
|
|
458
|
|
600
|
|
450
|
|
Non-interest expense
|
|
1,268
|
|
1,431
|
|
1,178
|
|
Income from continuing operations before taxes
|
|
864
|
|
556
|
|
987
|
|
Income tax provision
|
|
298
|
|
203
|
|
344
|
|
Income from continuing operations, net of tax
|
|
$
566
|
|
$
353
|
|
$
643
|
|
|
|
|
|
|
|
|
|
Selected metrics:
|
|
|
|
|
|
|
|
Period-end loans held for investment
|
|
$
61,476
|
|
$
65,075
|
|
$
59,305
|
|
Average loans held for investment
|
|
62,432
|
|
62,764
|
|
60,586
|
|
Average yield on loans held for investment
|
|
14.41
|
%
|
14.12
|
%
|
14.68
|
%
|
Revenue margin
|
|
16.59
|
|
16.49
|
|
17.26
|
|
Net
charge-off rate
|
|
4.14
|
|
4.30
|
|
6.13
|
|
30+
day delinquency rate
|
|
3.51
|
|
3.86
|
|
3.88
|
|
Purchase volume (10)
|
|
$
34,296
|
|
$
38,179
|
|
$
27,797
|
|
|
|
|
|
|
|
|
|
Domestic Card
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
1,713
|
|
$
1,706
|
|
$
1,651
|
|
Non-interest income
|
|
497
|
|
613
|
|
583
|
|
Total revenue
|
|
2,210
|
|
2,319
|
|
2,234
|
|
Provision for credit losses
|
|
361
|
|
519
|
|
230
|
|
Non-interest expense
|
|
1,052
|
|
1,183
|
|
990
|
|
Income from continuing operations before taxes
|
|
797
|
|
617
|
|
1,014
|
|
Income tax provision
|
|
282
|
|
222
|
|
360
|
|
Income from continuing operations, net of tax
|
|
$
515
|
|
$
395
|
|
$
654
|
|
|
|
|
|
|
|
|
|
Selected metrics:
|
|
|
|
|
|
|
|
Period-end loans held for investment
|
|
$
53,173
|
|
$
56,609
|
|
$
50,570
|
|
Average loans held for investment
|
|
54,131
|
|
54,403
|
|
51,889
|
|
Average yield on loans held for investment
|
|
14.11
|
%
|
14.05
|
%
|
14.42
|
%
|
Revenue margin
|
|
16.33
|
|
17.05
|
|
17.22
|
|
Net
charge-off rate (4)
|
|
3.92
|
|
4.07
|
|
6.20
|
|
30+
day delinquency rate
|
|
3.25
|
|
3.66
|
|
3.59
|
|
Purchase volume (10)
|
|
$
31,418
|
|
$
34,586
|
|
$
25,024
|
|
|
|
|
|
|
|
|
|
International Card
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
279
|
|
$
243
|
|
$
290
|
|
Non-interest income
|
|
101
|
|
25
|
|
91
|
|
Total revenue
|
|
380
|
|
268
|
|
381
|
|
Provision for credit losses
|
|
97
|
|
81
|
|
220
|
|
Non-interest expense
|
|
216
|
|
248
|
|
188
|
|
Income (loss) from continuing operations before taxes
|
67
|
|
(61)
|
|
(27)
|
|
Income tax provision (benefit)
|
|
16
|
|
(19)
|
|
(16)
|
|
Income (loss) from continuing operations, net of tax
|
|
$
51
|
|
$
(42)
|
|
$
(11)
|
|
|
|
|
|
|
|
|
|
Selected metrics:
|
|
|
|
|
|
|
|
Period-end loans held for investment
|
|
$
8,303
|
|
$
8,466
|
|
$
8,735
|
|
Average loans held for investment
|
|
8,301
|
|
8,361
|
|
8,697
|
|
Average yield on loans held for investment
|
|
16.38
|
%
|
14.57
|
%
|
16.28
|
%
|
Revenue Margin
|
|
18.31
|
|
12.82
|
|
17.52
|
|
Net
charge-off rate
|
|
5.52
|
|
5.77
|
|
5.74
|
|
30+
day delinquency rate
|
|
5.14
|
|
5.18
|
|
5.55
|
|
Purchase volume (10)
|
|
$
2,878
|
|
$
3,593
|
|
$
2,773
|
|
|
|
|
|
|
|
|
|
CAPITAL
ONE FINANCIAL CORPORATION (COF)
|
|
|
Table
9: Financial & Statistical Summary—Consumer Banking
Business
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2011
|
|
(Dollars in millions) (unaudited)
|
|
Q1
(2)
|
|
Q4
|
|
Q1
|
|
Consumer Banking
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
1,288
|
|
$
1,105
|
|
$
983
|
|
|
Non-interest income
|
|
176
|
|
152
|
|
186
|
|
|
Total
revenue
|
|
1,464
|
|
1,257
|
|
1,169
|
|
|
Provision
for credit losses
|
|
174
|
|
180
|
|
95
|
|
|
Non-interest expense
|
|
943
|
|
893
|
|
740
|
|
|
Income
from continuing operations before taxes
|
|
347
|
|
184
|
|
334
|
|
|
Income tax
provision
|
|
123
|
|
67
|
|
119
|
|
|
Income
from continuing operations, net of tax
|
|
$
224
|
|
$
117
|
|
$
215
|
|
|
|
|
|
|
|
|
|
|
Selected metrics:
|
|
|
|
|
|
|
|
|
Period-end
loans held for investment
|
|
$
77,300
|
|
$
36,315
|
|
$
34,306
|
|
|
Average
loans held for investment
|
|
56,263
|
|
35,791
|
|
34,236
|
|
|
Average
yield on loans held for investment
|
|
7.20
|
%
|
9.46
|
%
|
9.60
|
%
|
|
Auto loan
originations
|
|
$
4,270
|
|
$
3,586
|
|
$
2,571
|
|
|
Period-end
deposits
|
|
176,007
|
|
88,540
|
|
86,355
|
|
|
Average
deposits
|
|
129,915
|
|
88,390
|
|
83,884
|
|
|
Deposit
interest expense rate
|
|
0.73
|
%
|
0.84
|
%
|
1.06
|
%
|
|
Core
deposit intangible amortization
|
|
$
37
|
|
$
31
|
|
$
35
|
|
|
Net
charge-off rate (5)
|
|
0.77
|
%
|
1.65
|
%
|
1.57
|
%
|
|
30+ day
performing delinquency rate (5) (6)
|
|
1.63
|
|
4.47
|
|
3.42
|
|
|
30+ day
delinquency rate (5) (6)
|
|
—
|
|
5.99
|
|
4.96
|
|
|
Nonperforming loans as a percentage of loans held for
investment (5) (7)
|
|
0.77
|
|
1.79
|
|
1.84
|
|
|
Nonperforming asset rate (5)
(7)
|
|
0.82
|
|
1.94
|
|
2.00
|
|
|
Period-end
loans serviced for others
|
|
$
17,586
|
|
$
17,998
|
|
$
19,956
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
ONE FINANCIAL CORPORATION (COF)
|
|
|
|
Table
10: Financial & Statistical Summary—Commercial Banking
Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2011
|
|
(Dollars in millions) (unaudited)
|
|
Q1(2)
|
|
Q4
|
|
Q1
|
|
Commercial
Banking(3)(12)
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
431
|
|
$
425
|
|
$
376
|
|
|
Non-interest income
|
|
85
|
|
87
|
|
71
|
|
|
Total
revenue
|
|
516
|
|
512
|
|
447
|
|
|
Provision
for credit losses
|
|
(69)
|
|
76
|
|
(16)
|
|
|
Non-interest expense
|
|
261
|
|
254
|
|
212
|
|
|
Income
from continuing operations before taxes
|
|
324
|
|
182
|
|
251
|
|
|
Income tax
provision
|
|
114
|
|
65
|
|
89
|
|
|
Income
from continuing operations, net of tax
|
|
$
210
|
|
$
117
|
|
$
162
|
|
|
|
|
|
|
|
|
|
|
Selected metrics:
|
|
|
|
|
|
|
|
|
Period-end
loans held for investment
|
|
$
34,906
|
|
$
34,327
|
|
$
30,265
|
|
|
Average
loans held for investment
|
|
34,032
|
|
32,843
|
|
30,027
|
|
|
Average
yield on loans held for investment
|
|
4.47
|
%
|
4.70
|
%
|
4.81
|
%
|
|
Period-end
deposits
|
|
$
28,046
|
|
$
26,683
|
|
$
24,336
|
|
|
Average
deposits
|
|
27,569
|
|
26,185
|
|
24,232
|
|
|
Deposit
interest expense rate
|
|
0.37
|
%
|
0.42
|
%
|
0.55
|
%
|
|
Core
deposit intangible amortization
|
|
$
9
|
|
$
9
|
|
$
11
|
|
|
Net
charge-off rate (5)
|
|
0.19
|
%
|
0.62
|
%
|
0.80
|
%
|
|
Nonperforming loans as a percentage of loans held for
investment (5) (7)
|
|
1.15
|
|
1.08
|
|
1.83
|
|
|
Nonperforming asset rate (5)
(7)
|
|
1.23
|
|
1.17
|
|
1.94
|
|
|
|
|
|
|
|
|
|
|
Risk
category: (11)
|
|
|
|
|
|
|
|
|
Noncriticized
|
|
$
32,339
|
|
$
31,617
|
|
$
27,254
|
|
|
Criticized
performing
|
|
1,695
|
|
1,857
|
|
1,925
|
|
|
Criticized
nonperforming
|
|
402
|
|
372
|
|
554
|
|
|
Total risk-rated loans
|
|
34,436
|
|
33,846
|
|
29,733
|
|
|
Acquired
commercial loans
|
|
470
|
|
481
|
|
532
|
|
|
Total commercial loans
|
|
$
34,906
|
|
$
34,327
|
|
$
30,265
|
|
|
|
|
|
|
|
|
|
|
|
% of
period-end held for investment commercial loans:
|
|
|
|
|
|
|
|
|
Noncriticized
|
|
92.64
|
%
|
92.11
|
%
|
90.05
|
%
|
|
Criticized
performing
|
|
4.86
|
|
5.41
|
|
6.36
|
|
|
Criticized
nonperforming
|
|
1.15
|
|
1.08
|
|
1.83
|
|
|
Total risk-rated loans
|
|
98.65
|
|
98.60
|
|
98.24
|
|
|
Acquired
commercial loans
|
|
1.35
|
|
1.40
|
|
1.76
|
|
|
Total commercial loans
|
|
100.00
|
%
|
100.00
|
%
|
100.00
|
%
|
|
|
|
|
|
|
|
|
|
CAPITAL
ONE FINANCIAL CORPORATION (COF)
|
|
|
Table
11: Financial & Statistical Summary—Other and
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2011
|
(Dollars in millions) (unaudited)
|
|
Q1
(2)
|
|
Q4
|
|
Q1
|
Other
(3)
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
Net
interest expense
|
|
$
(297)
|
|
$
(297)
|
|
$
(160)
|
|
Non-interest income (expense)
|
|
662
|
|
(9)
|
|
11
|
|
Total
revenue
|
|
365
|
|
(306)
|
|
(149)
|
|
Provision
for credit losses
|
|
10
|
|
5
|
|
5
|
|
Non-interest expense
|
|
32
|
|
40
|
|
32
|
|
Loss from
continuing operations before taxes
|
|
323
|
|
(351)
|
|
(186)
|
|
Income tax
benefit
|
|
(182)
|
|
(175)
|
|
(198)
|
|
Income
(loss) from continuing operations, net of tax
|
|
$
505
|
|
$
(176)
|
|
$
12
|
|
|
|
|
|
|
|
|
Selected metrics:
|
|
|
|
|
|
|
|
Period-end
loans held for investment
|
|
$
140
|
|
$
175
|
|
$
216
|
|
Average
loans held for investment
|
|
173
|
|
183
|
|
228
|
|
Period-end
deposits
|
|
12,475
|
|
13,003
|
|
14,755
|
|
Average
deposits
|
|
12,775
|
|
13,875
|
|
16,042
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
Net
interest income
|
|
$
3,414
|
|
$
3,182
|
|
$
3,140
|
|
Non-interest income
|
|
1,521
|
|
868
|
|
942
|
|
Total
revenue
|
|
4,935
|
|
4,050
|
|
4,082
|
|
Provision
credit losses
|
|
573
|
|
861
|
|
534
|
|
Non-interest expense
|
|
2,504
|
|
2,618
|
|
2,162
|
|
Income
from continuing operations before taxes
|
|
1,858
|
|
571
|
|
1,386
|
|
Income tax
provision
|
|
353
|
|
160
|
|
354
|
|
Income
from continuing operations, net of tax
|
|
$
1,505
|
|
$
411
|
|
$
1,032
|
|
|
|
|
|
|
|
|
Selected metrics:
|
|
|
|
|
|
|
|
Period-end loans held for investment
|
|
$
173,822
|
|
$
135,892
|
|
$
124,092
|
|
Average loans held for investment
|
|
152,900
|
|
131,581
|
|
125,077
|
|
Period-end deposits
|
|
216,528
|
|
128,226
|
|
125,446
|
|
Average deposits
|
|
170,259
|
|
128,450
|
|
124,158
|
|
|
|
|
|
|
|
|
CAPITAL
ONE FINANCIAL CORPORATION (COF)
|
|
|
|
|
|
Table
12: Notes to Loan and Business Segment Disclosures (Tables 6
— 11)
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Certain
prior period amounts have been reclassified to conform to the
current period presentation.
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Results
for Q1 2012 include the impact of the February 17, 2012 acquisition
of ING Direct, which resulted in the addition of loans with an
outstanding principal and interest loan balance of $40.4 billion
and deposits of $84.4 billion at acquisition.
|
|
|
|
|
|
|
|
|
|
|
(3)
|
In Q1
2012, we re-aligned the products within our Commercial Banking
segment to reflect the business operations by product rather than
by customer type. As a result of this re-alignment, we now
report three product categories: commercial and multifamily real
estate, commercial and industrial loans and small-ticket commercial
real estate. Middle market and specialty lending related
products are included in commercial and industrial loans. All
tax-related investments, some of which were previously
included in the "Other" segment, are included in the commercial and
multifamily real estate category of our Commercial Banking
segment.
|
|
|
|
|
|
|
|
|
|
|
(4)
|
In
accordance with our loss-sharing agreement with Kohl's, charge-offs
for the portfolio are reported net of any reimbursement of credit
losses from Kohl's, which has the impact of lowering the overall
Domestic Card charge-off rate.
|
|
|
|
|
|
|
|
|
|
|
(5)
|
Loans
acquired as part of the ING Direct and Chevy Chase Bank
acquisitions are included in the denominator used in calculating
the credit quality metrics presented in Table 6. These metrics
excluding the impact of these acquired loans from the denominator
are presented in Table 7.
|
|
|
|
|
|
|
|
|
|
|
(6)
|
The 30+
day performing delinquency rate for acquired loans, which is
presented below, is calculated based on the contractual past due
unpaid principal balance divided by the total outstanding unpaid
principal balance of acquired loans as of the end of each
period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2011
|
|
|
(Dollars in millions) (unaudited)
|
|
Q1
|
|
Q4
|
|
Q1
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
period-end acquired loan portfolio (unpaid principal
balance)
|
|
$
44,256
|
|
$
5,205
|
|
$
6,108
|
|
|
|
|
|
|
|
|
|
|
|
|
30+ day
performing delinquency rates (acquired loans):
|
|
|
|
|
|
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
Auto
|
|
4.30
|
%
|
5.31
|
%
|
3.72
|
%
|
|
Home loan
|
3.08
|
|
2.93
|
|
2.62
|
|
|
Retail banking
|
5.42
|
|
2.20
|
|
9.35
|
|
|
Total consumer banking
|
3.08
|
%
|
2.94
|
%
|
2.69
|
%
|
|
|
|
|
|
|
|
|
|
|
|
The 30+
day total delinquency rate as of the end of Q1 2012 will be
provided in the March 31, 2012 Quarterly Report on Form
10-Q.
|
|
|
|
|
|
|
|
|
|
|
(7)
|
Nonperforming assets consist of nonperforming loans
and real estate owned ("REO") and foreclosed assets. The
nonperforming asset ratios are calculated based on nonperforming
assets for each category divided by the combined period-end total
of loans held for investment, REO and foreclosed assets for each
respective category.
|
|
|
|
|
|
|
|
|
|
|
(8)
|
As
permitted by regulatory guidance, our policy is generally to exempt
delinquent credit card loans from being classified as
nonperforming. We continue to accrue finance charges and fees on
credit card loans until the loan is charged off, typically when the
account becomes 180 days past due. Billed finance charges and fees
considered uncollectible are not recognized in income.
|
|
|
|
|
|
|
|
|
|
|
(9)
|
Reported
based on carrying value of acquired loans. See Table 2, footnote
(19) for the outstanding unpaid principal balance as of the end of
each period.
|
|
|
|
|
|
|
|
|
|
|
(10)
|
Includes
credit card purchase transactions net of returns. Excludes cash
advance transactions.
|
|
|
|
|
|
|
|
|
|
|
(11)
|
Criticized
exposures correspond to the "Special Mention," "Substandard" and
"Doubtful" asset categories defined by bank regulatory
authorities.
|
|
|
|
|
|
|
|
|
|
|
(12)
|
Because
some of our tax-related commercial investments generate tax-exempt
income or tax credits, we make certain reclassifications to our
Commercial Banking business results to present revenues on a
taxable-equivalent basis based on the assumption of approximately
35% effective tax rate.
|
CAPITAL
ONE FINANCIAL CORPORATION (COF)
|
|
|
|
|
|
|
|
|
|
Table
13: Reconciliation of Non-GAAP Measures and Calculation of
Regulatory Capital Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
In
addition to disclosing required regulatory capital measures, we
also report certain non-GAAP capital measures that management uses
in assessing its capital adequacy. These non-GAAP measures include
average tangible common equity, tangible common equity ("TCE") and
TCE ratio. The table below provides the details of the calculation
of our regulatory capital and non-GAAP capital measures. 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
2011
|
|
|
(Dollars in millions)(unaudited)
|
|
Q1
|
|
|
Q4
|
|
|
Q1
|
|
|
Average
Equity to Non-GAAP Average Tangible Common Equity
|
|
|
|
|
|
|
|
|
|
|
Average
total stockholders' equity
|
|
$
32,982
|
|
|
$
29,698
|
|
|
$
27,009
|
|
|
Less: Average intangible
assets(1)
|
|
(13,931)
|
|
|
(13,935)
|
|
|
(14,001)
|
|
|
Average
tangible common equity
|
|
$
19,051
|
|
|
$
15,763
|
|
|
$
13,008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity to Non-GAAP Tangible Common
Equity
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity
|
|
$
36,950
|
|
|
$
29,666
|
|
|
$
27,550
|
|
|
Less: Intangible
assets(1)
|
|
(14,110)
|
|
|
(13,908)
|
|
|
(14,030)
|
|
|
Tangible
common equity
|
|
$
22,840
|
|
|
$
15,758
|
|
|
$
13,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Assets to Tangible Assets
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
294,481
|
|
|
$
206,019
|
|
|
$
199,300
|
|
|
Less: Assets from discontinued
operations
|
|
(304)
|
|
|
(305)
|
|
|
(342)
|
|
|
Total
assets from continuing operations
|
|
294,177
|
|
|
205,714
|
|
|
198,958
|
|
|
Less: Intangible
assets(1)
|
|
(14,110)
|
|
|
(13,908)
|
|
|
(14,030)
|
|
|
Tangible
assets
|
|
$
280,067
|
|
|
$
191,806
|
|
|
$
184,928
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP TCE Ratio
|
|
|
|
|
|
|
|
|
|
|
Tangible
common equity
|
|
$
22,840
|
|
|
$
15,758
|
|
|
$
13,520
|
|
|
Tangible
assets
|
|
280,067
|
|
|
191,806
|
|
|
184,928
|
|
|
TCE ratio
(2)
|
|
8.2
|
%
|
|
8.2
|
%
|
|
7.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regulatory Capital Ratios
(3)
|
|
|
|
|
|
|
|
|
|
|
Total
stockholders' equity
|
|
$
36,950
|
|
|
$
29,666
|
|
|
$
27,550
|
|
|
Less: Net unrealized (gains) losses on AFS
securities recorded in AOCI (4)
|
|
(327)
|
|
|
(289)
|
|
|
(314)
|
|
|
|
Net
(gains) losses on cash flow hedges recorded in AOCI
(4)
|
|
70
|
|
|
71
|
|
|
95
|
|
|
|
Disallowed
goodwill and other intangible assets
|
|
(14,057)
|
|
|
(13,855)
|
|
|
(13,993)
|
|
|
|
Disallowed
deferred tax assets
|
|
(902)
|
|
|
(534)
|
|
|
(1,377)
|
|
|
|
Other
|
|
(2)
|
|
|
(2)
|
|
|
(2)
|
|
|
Tier 1
common capital
|
|
$
21,732
|
|
|
$
15,057
|
|
|
$
11,959
|
|
|
Plus: Tier 1 restricted core capital items
(5)
|
|
3,636
|
|
|
3,635
|
|
|
3,636
|
|
|
Tier 1
capital
|
|
$
25,368
|
|
|
$
18,692
|
|
|
$
15,595
|
|
|
Plus: Long-term debt qualifying as Tier 2
capital
|
|
2,438
|
|
|
2,438
|
|
|
2,827
|
|
|
|
Qualifying
allowance for loan and lease losses
|
|
2,315
|
|
|
1,979
|
|
|
1,825
|
|
|
|
Other Tier
2 components
|
|
17
|
|
|
23
|
|
|
20
|
|
|
Tier 2
capital
|
|
$
4,770
|
|
|
$
4,440
|
|
|
$
4,672
|
|
|
Total
risk-based capital (6)
|
|
$
30,138
|
|
|
$
23,132
|
|
|
$
20,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-weighted assets (7)
|
|
$
182,779
|
|
|
$
155,657
|
|
|
$
142,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1
common ratio (8)
|
|
11.9
|
%
|
|
9.7
|
%
|
|
8.4
|
%
|
|
Tier 1
risk-based capital ratio (9)
|
|
13.9
|
|
|
12.0
|
|
|
10.9
|
|
|
Total
risk-based capital ratio (10)
|
|
16.5
|
|
|
14.9
|
|
|
14.2
|
|
|
___________________
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes
impact from related deferred taxes.
|
|
(2)
|
Calculated
based on tangible common equity divided by tangible
assets.
|
|
(3)
|
Capital
ratios as of the end of Q1 2012 are preliminary and therefore
subject to change once the calculations have been
finalized.
|
|
(4)
|
Amounts
presented are net of tax.
|
|
(5)
|
Consists
primarily of trust preferred securities.
|
|
(6)
|
Total
risk-based capital equals the sum of Tier 1 capital and Tier 2
capital.
|
|
(7)
|
Calculated
based on prescribed regulatory guidelines.
|
|
(8)
|
Tier 1
common ratio is a regulatory measure calculated based on Tier 1
common capital divided by risk-weighted assets.
|
|
(9)
|
Tier 1
risk-based capital ratio is a regulatory capital measure calculated
based on Tier 1 capital divided by risk-weighed assets.
|
|
(10)
|
Total
risk-based capital ratio is a regulatory capital measure calculated
based on total risk-based capital divided by risk-weighed
assets.
|
|
SOURCE Capital One Financial Corporation