MCLEAN, Va., Jan. 26, 2021 /PRNewswire/ -- Capital One
Financial Corporation (NYSE: COF) today announced net income for
the fourth quarter of 2020 of $2.6
billion, or $5.35 per diluted
common share, compared with net income of $2.4 billion, or $5.06 per diluted common share in the third
quarter of 2020, and with net income of $1.2
billion, or $2.25 per diluted
common share in the fourth quarter of 2019. Excluding adjusting
items, net income for the fourth quarter of 2020 was $5.29 per diluted common share(1). In
addition, Capital One's Board of Directors has authorized a common
stock repurchase program of up to $7.5
billion.
"Our long-standing strategic choices put us in a strong position
to respond to both the near-term challenges and the emerging
opportunities as the pandemic plays out," said Richard D. Fairbank, Founder, Chairman and Chief
Executive Officer. "Despite the pressures of the pandemic in the
near-term, nothing has changed about where we think our businesses
are headed, or the long-term strategic opportunities that are being
created as sweeping digital change continues to transform
banking."
Adjusting items in the fourth quarter of 2020, which are
excluded from diluted earnings per share (EPS), efficiency ratio
and operating efficiency ratio metrics (see Table 15 in our
Financial Supplement for additional information):
(Dollars in
millions, except per share data)
|
Pre-Tax
Impact
|
Diluted
EPS
Impact
|
Legal reserve
activity, including insurance recoveries
|
$
|
37
|
|
$
|
0.07
|
|
Cybersecurity
Incident expenses, net of insurance
|
(6)
|
|
(0.01)
|
|
|
The quarter included
the following notable item:
|
|
(Dollars in
millions, except per share data)
|
Pre-Tax
Impact
|
Diluted
EPS
Impact
|
Equity investment
gain
|
$
|
60
|
|
$
|
0.10
|
|
All comparisons below are for the fourth quarter of 2020
compared with the third quarter of 2020 unless otherwise noted.
Fourth Quarter 2020 Income Statement Summary:
- Total net revenue decreased 1 percent to $7.3 billion.
- Total non-interest expense increased 13 percent to $4.0 billion:
-
- 99 percent increase in marketing.
- 6 percent increase in operating expenses.
- Pre-provision earnings decreased 13 percent to $3.3 billion(2).
- Provision for credit losses decreased 20 percent to
$264 million:
-
- Net charge-offs of $856
million.
- $593 million loan reserve
release.
- Net interest margin of 6.05 percent, an increase of 37 basis
points.
- Efficiency ratio of 54.64 percent.
-
- Efficiency ratio excluding adjusting items of 55.06
percent(1).
- Operating efficiency ratio of 46.97 percent.
-
- Operating efficiency ratio excluding adjusting items of 47.39
percent(1).
Fourth Quarter 2020 Balance Sheet Summary:
- Common equity Tier 1 capital ratio under Basel III Standardized
Approach of 13.7 percent at December 31,
2020.
- Period-end loans held for investment in the quarter increased
$3.4 billion, or 1 percent, to
$251.6 billion.
-
- Credit Card period-end loans increased $3.3 billion, or 3 percent, to $107.0 billion.
-
- Domestic Card period-end loans increased $3.0 billion, or 3 percent, to $98.5 billion.
- Consumer Banking period-end loans increased $200 million, or less than 1 percent, to
$68.9 billion.
-
- Auto period-end loans increased $368
million, or 1 percent, to $65.8
billion.
- Commercial Banking period-end loans decreased $114 million, or less than 1 percent, to
$75.8 billion.
- Average loans held for investment in the quarter decreased
$1.8 billion, or 1 percent, to
$247.7 billion.
-
- Credit Card average loans decreased $1.8
billion, or 2 percent, to $103.6
billion.
-
- Domestic Card average loans decreased $1.9 billion, or 2 percent, to $95.5 billion.
- Consumer Banking average loans increased $986 million, or 1 percent, to $68.8 billion.
-
- Auto average loans increased $1.1
billion, or 2 percent, to $65.6
billion.
- Commercial Banking average loans decreased $1.0 billion, or 1 percent, to $75.3 billion.
- Period-end total deposits decreased $283
million, or less than 1 percent, to $305.4 billion, while average deposits decreased
$1.0 billion, or less than 1 percent,
to $304.5 billion.
- Interest-bearing deposits rate paid decreased 18 basis points
to 0.51 percent.
All comparisons below are for the full year of 2020 compared
with the full year of 2019 unless otherwise noted.
2020 Full Year Income Statement Summary:
- Total net revenue decreased less than 1% to $28.5 billion.
- Total non-interest expense decreased 3 percent to $15.1 billion:
-
- 29 percent decrease in marketing.
- 2 percent increase in operating expenses.
- Pre-provision earnings increased 3 percent to $13.5 billion(2).
- Provision for credit losses increased 65 percent to
$10.3 billion:
- Efficiency ratio of 52.79 percent.
-
- Efficiency ratio excluding adjusting items of 51.66
percent(1).
- Operating efficiency ratio of 47.14 percent.
-
- Operating efficiency ratio excluding adjusting items of 46.01
percent(1).
(1)
|
Amounts excluding
adjusting items are non-GAAP measures that we believe help
investors and users of our financial information understand the
effect of adjusting items on our selected reported results and
provide alternate measurements of our performance, both in the
current period and across periods. See Table 15 in Exhibit 99.2 for
a reconciliation of our selected reported results to these non-GAAP
measures.
|
(2)
|
Pre-provision
earnings is calculated based on the sum of net interest income and
non-interest income, less non-interest expense for the
period.
|
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on
January 26, 2021 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). Under "About," choose "Investors" to access
the Investor Center and view and/or download the earnings press
release, the financial supplement, including a reconciliation of
non-GAAP financial measures, and the earnings release presentation.
The replay of the webcast will be archived on the company's website
through February 9, 2021 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, 2019.
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 $305.4
billion in deposits and $421.6
billion in total assets as of December 31, 2020. 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, Louisiana, Texas, Maryland, Virginia, New
Jersey 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(1)(2)
|
Fourth
Quarter 2020
|
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
|
7
|
|
Table
5:
|
Notes to Financial
Summary, Selected Metrics and Consolidated Financial Statements
(Tables 1—4)
|
10
|
|
Table
6:
|
Average Balances,
Net Interest Income and Net Interest Margin
|
11
|
|
Table
7:
|
Loan Information
and Performance Statistics
|
12
|
|
Table
8:
|
Allowance for
Credit Losses and Reserve for Unfunded Lending Commitments
Activity
|
15
|
Business Segment
Results
|
|
|
Table
9:
|
Financial
Summary—Business Segment Results
|
17
|
|
Table
10:
|
Financial &
Statistical Summary—Credit Card Business
|
18
|
|
Table
11:
|
Financial &
Statistical Summary—Consumer Banking Business
|
20
|
|
Table
12:
|
Financial &
Statistical Summary—Commercial Banking Business
|
21
|
|
Table
13:
|
Financial &
Statistical Summary—Other and Total
|
22
|
Other
|
|
|
Table
14:
|
Notes to Loan,
Allowance and Business Segment Disclosures (Tables
7—13)
|
23
|
|
Table
15:
|
Calculation of
Regulatory Capital Measures and Reconciliation of Non-GAAP
Measures
|
24
|
__________
|
|
|
(1)
|
The information
contained in this Financial Supplement is preliminary and based on
data available at the time of the
earnings presentation. Investors should refer to our Annual Report
on Form 10-K for the period ended December 31,
2020 once it is filed with the Securities and Exchange
Commission.
|
|
(2)
|
This Financial
Supplement includes non-GAAP measures. We believe these non-GAAP
measures are useful to
investors and users of our financial information as they provide an
alternate measurement of our performance and assist
in assessing our capital adequacy and the level of return
generated. These non-GAAP measures should not be viewed
as a substitute for reported results determined in accordance with
generally accepted accounting principles in the U.S.
("GAAP"), nor are they necessarily comparable to non-GAAP measures
that may be presented by other companies.
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 1: Financial
Summary—Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 Q4
vs.
|
|
Year Ended
December 31,
|
(Dollars in
millions, except per share data and as noted)
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
2020
vs.
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2020
|
|
2019
|
|
2019
|
Income
Statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
5,873
|
|
|
$
|
5,555
|
|
|
$
|
5,460
|
|
|
$
|
6,025
|
|
|
$
|
6,066
|
|
|
6
|
%
|
|
(3)
|
%
|
|
$
|
22,913
|
|
|
$
|
23,340
|
|
|
(2)
|
%
|
Non-interest
income
|
|
1,464
|
|
|
1,826
|
|
|
1,096
|
|
|
1,224
|
|
|
1,361
|
|
|
(20)
|
|
|
8
|
|
|
5,610
|
|
|
5,253
|
|
|
7
|
|
Total net
revenue(1)
|
|
7,337
|
|
|
7,381
|
|
|
6,556
|
|
|
7,249
|
|
|
7,427
|
|
|
(1)
|
|
|
(1)
|
|
|
28,523
|
|
|
28,593
|
|
|
—
|
|
Provision for credit
losses
|
|
264
|
|
|
331
|
|
|
4,246
|
|
|
5,423
|
|
|
1,818
|
|
|
(20)
|
|
|
(85)
|
|
|
10,264
|
|
|
6,236
|
|
|
65
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing
|
|
563
|
|
|
283
|
|
|
273
|
|
|
491
|
|
|
710
|
|
|
99
|
|
|
(21)
|
|
|
1,610
|
|
|
2,274
|
|
|
(29)
|
|
Operating
expense
|
|
3,446
|
|
|
3,265
|
|
|
3,497
|
|
|
3,238
|
|
|
3,451
|
|
|
6
|
|
|
—
|
|
|
13,446
|
|
|
13,209
|
|
|
2
|
|
Total non-interest
expense
|
|
4,009
|
|
|
3,548
|
|
|
3,770
|
|
|
3,729
|
|
|
4,161
|
|
|
13
|
|
|
(4)
|
|
|
15,056
|
|
|
15,483
|
|
|
(3)
|
|
Income (loss) from
continuing operations before income taxes
|
|
3,064
|
|
|
3,502
|
|
|
(1,460)
|
|
|
(1,903)
|
|
|
1,448
|
|
|
(13)
|
|
|
112
|
|
|
3,203
|
|
|
6,874
|
|
|
(53)
|
|
Income tax provision
(benefit)
|
|
496
|
|
|
1,096
|
|
|
(543)
|
|
|
(563)
|
|
|
270
|
|
|
(55)
|
|
|
84
|
|
|
486
|
|
|
1,341
|
|
|
(64)
|
|
Income (loss) from
continuing operations, net of tax
|
|
2,568
|
|
|
2,406
|
|
|
(917)
|
|
|
(1,340)
|
|
|
1,178
|
|
|
7
|
|
|
118
|
|
|
2,717
|
|
|
5,533
|
|
|
(51)
|
|
Income (loss) from
discontinued operations, net of tax
|
|
(2)
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
(2)
|
|
|
**
|
|
|
—
|
|
|
(3)
|
|
|
13
|
|
|
**
|
|
Net income
(loss)
|
|
2,566
|
|
|
2,406
|
|
|
(918)
|
|
|
(1,340)
|
|
|
1,176
|
|
|
7
|
|
|
118
|
|
|
2,714
|
|
|
5,546
|
|
|
(51)
|
|
Dividends and
undistributed earnings allocated to participating
securities(2)
|
|
(19)
|
|
|
(20)
|
|
|
(1)
|
|
|
(3)
|
|
|
(7)
|
|
|
(5)
|
|
|
171
|
|
|
(20)
|
|
|
(41)
|
|
|
(51)
|
|
Preferred stock
dividends
|
|
(68)
|
|
|
(67)
|
|
|
(90)
|
|
|
(55)
|
|
|
(97)
|
|
|
1
|
|
|
(30)
|
|
|
(280)
|
|
|
(282)
|
|
|
(1)
|
|
Issuance cost for
redeemed preferred stock(3)
|
|
(17)
|
|
|
—
|
|
|
—
|
|
|
(22)
|
|
|
(31)
|
|
|
**
|
|
|
(45)
|
|
|
(39)
|
|
|
(31)
|
|
|
26
|
|
Net income (loss)
available to common stockholders
|
|
$
|
2,462
|
|
|
$
|
2,319
|
|
|
$
|
(1,009)
|
|
|
$
|
(1,420)
|
|
|
$
|
1,041
|
|
|
6
|
|
|
137
|
|
|
$
|
2,375
|
|
|
$
|
5,192
|
|
|
(54)
|
|
Common Share
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share:(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) from
continuing operations
|
|
$
|
5.36
|
|
|
$
|
5.07
|
|
|
$
|
(2.21)
|
|
|
$
|
(3.10)
|
|
|
$
|
2.26
|
|
|
6
|
%
|
|
137
|
%
|
|
$
|
5.20
|
|
|
$
|
11.07
|
|
|
(53)
|
%
|
Income (loss) from
discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.01)
|
|
|
0.03
|
|
|
**
|
|
Net income (loss) per
basic common share
|
|
$
|
5.36
|
|
|
$
|
5.07
|
|
|
$
|
(2.21)
|
|
|
$
|
(3.10)
|
|
|
$
|
2.26
|
|
|
6
|
|
|
137
|
|
|
$
|
5.19
|
|
|
$
|
11.10
|
|
|
(53)
|
|
Diluted earnings
per common share:(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) from
continuing operations
|
|
$
|
5.35
|
|
|
$
|
5.06
|
|
|
$
|
(2.21)
|
|
|
$
|
(3.10)
|
|
|
$
|
2.25
|
|
|
6
|
|
|
138
|
|
|
$
|
5.19
|
|
|
$
|
11.02
|
|
|
(53)
|
|
Income (loss) from
discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.01)
|
|
|
0.03
|
|
|
**
|
|
Net income (loss) per
diluted common share
|
|
$
|
5.35
|
|
|
$
|
5.06
|
|
|
$
|
(2.21)
|
|
|
$
|
(3.10)
|
|
|
$
|
2.25
|
|
|
6
|
|
|
138
|
|
|
$
|
5.18
|
|
|
$
|
11.05
|
|
|
(53)
|
|
Weighted-average
common shares outstanding (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
459.1
|
|
|
457.8
|
|
|
456.7
|
|
|
457.6
|
|
|
460.9
|
|
|
—
|
|
|
—
|
|
|
457.8
|
|
|
467.6
|
|
|
(2)
|
|
Diluted
|
|
460.2
|
|
|
458.5
|
|
|
456.7
|
|
|
457.6
|
|
|
463.4
|
|
|
—
|
|
|
(1)
|
|
|
458.9
|
|
|
469.9
|
|
|
(2)
|
|
Common shares
outstanding (period-end, in millions)
|
|
459.0
|
|
|
457.4
|
|
|
456.3
|
|
|
455.3
|
|
|
456.6
|
|
|
—
|
|
|
1
|
|
|
459.0
|
|
|
456.6
|
|
|
1
|
|
Dividends declared
and paid per common share
|
|
$
|
0.10
|
|
|
$
|
0.10
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
—
|
|
|
(75)
|
|
|
$
|
1.00
|
|
|
$
|
1.60
|
|
|
(38)
|
|
Tangible book value
per common share (period-end)(4)
|
|
88.34
|
|
|
83.67
|
|
|
78.82
|
|
|
80.68
|
|
|
83.72
|
|
|
6
|
|
|
6
|
|
|
88.34
|
|
|
83.72
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 Q4
vs.
|
|
Year Ended
December 31,
|
(Dollars in
millions)
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
2020
vs.
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2020
|
|
2019
|
|
2019
|
Balance Sheet
(Period-End)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
investment
|
|
$
|
251,624
|
|
|
$
|
248,223
|
|
|
$
|
251,512
|
|
|
$
|
262,990
|
|
|
$
|
265,809
|
|
|
1
|
%
|
|
(5)
|
%
|
|
$
|
251,624
|
|
|
$
|
265,809
|
|
|
(5)
|
%
|
Interest-earning
assets
|
|
388,917
|
|
|
390,040
|
|
|
389,829
|
|
|
364,472
|
|
|
355,202
|
|
|
—
|
|
|
9
|
|
|
388,917
|
|
|
355,202
|
|
|
9
|
|
Total
assets
|
|
421,602
|
|
|
421,883
|
|
|
421,296
|
|
|
396,878
|
|
|
390,365
|
|
|
—
|
|
|
8
|
|
|
421,602
|
|
|
390,365
|
|
|
8
|
|
Interest-bearing
deposits
|
|
274,300
|
|
|
276,092
|
|
|
275,183
|
|
|
245,142
|
|
|
239,209
|
|
|
(1)
|
|
|
15
|
|
|
274,300
|
|
|
239,209
|
|
|
15
|
|
Total
deposits
|
|
305,442
|
|
|
305,725
|
|
|
304,238
|
|
|
269,689
|
|
|
262,697
|
|
|
—
|
|
|
16
|
|
|
305,442
|
|
|
262,697
|
|
|
16
|
|
Borrowings
|
|
40,539
|
|
|
42,795
|
|
|
44,900
|
|
|
55,681
|
|
|
55,697
|
|
|
(5)
|
|
|
(27)
|
|
|
40,539
|
|
|
55,697
|
|
|
(27)
|
|
Common
equity
|
|
55,356
|
|
|
53,093
|
|
|
50,835
|
|
|
51,620
|
|
|
53,157
|
|
|
4
|
|
|
4
|
|
|
55,356
|
|
|
53,157
|
|
|
4
|
|
Total stockholders'
equity
|
|
60,204
|
|
|
58,424
|
|
|
56,045
|
|
|
56,830
|
|
|
58,011
|
|
|
3
|
|
|
4
|
|
|
60,204
|
|
|
58,011
|
|
|
4
|
|
Balance Sheet
(Average Balances)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
investment
|
|
$
|
247,689
|
|
|
$
|
249,511
|
|
|
$
|
253,358
|
|
|
$
|
262,889
|
|
|
$
|
258,870
|
|
|
(1)
|
%
|
|
(4)
|
%
|
|
$
|
253,335
|
|
|
$
|
247,450
|
|
|
2
|
%
|
Interest-earning
assets
|
|
388,252
|
|
|
391,451
|
|
|
378,145
|
|
|
355,347
|
|
|
349,150
|
|
|
(1)
|
|
|
11
|
|
|
378,362
|
|
|
341,510
|
|
|
11
|
|
Total
assets
|
|
420,011
|
|
|
422,854
|
|
|
411,075
|
|
|
390,380
|
|
|
383,162
|
|
|
(1)
|
|
|
10
|
|
|
411,187
|
|
|
374,924
|
|
|
10
|
|
Interest-bearing
deposits
|
|
274,142
|
|
|
276,339
|
|
|
261,256
|
|
|
241,115
|
|
|
236,250
|
|
|
(1)
|
|
|
16
|
|
|
263,279
|
|
|
231,609
|
|
|
14
|
|
Total
deposits
|
|
304,513
|
|
|
305,516
|
|
|
288,344
|
|
|
264,653
|
|
|
260,040
|
|
|
—
|
|
|
17
|
|
|
290,835
|
|
|
255,065
|
|
|
14
|
|
Borrowings
|
|
40,662
|
|
|
44,161
|
|
|
49,827
|
|
|
51,795
|
|
|
51,442
|
|
|
(8)
|
|
|
(21)
|
|
|
46,588
|
|
|
50,965
|
|
|
(9)
|
|
Common
equity
|
|
54,220
|
|
|
51,995
|
|
|
52,413
|
|
|
53,186
|
|
|
52,641
|
|
|
4
|
|
|
3
|
|
|
52,954
|
|
|
50,960
|
|
|
4
|
|
Total stockholders'
equity
|
|
59,389
|
|
|
57,223
|
|
|
57,623
|
|
|
58,568
|
|
|
58,148
|
|
|
4
|
|
|
2
|
|
|
58,201
|
|
|
55,690
|
|
|
5
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 2: Selected
Metrics—Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 Q4
vs.
|
|
Year Ended
December 31,
|
(Dollars in
millions, except as noted)
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
2020
vs.
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2020
|
|
2019
|
|
2019
|
Performance
Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
growth (period over period)
|
|
6
|
%
|
|
2
|
%
|
|
(9)
|
%
|
|
(1)
|
%
|
|
6
|
%
|
|
**
|
|
|
**
|
|
|
(2)
|
%
|
|
2
|
%
|
|
**
|
|
Non-interest income
growth (period over period)
|
|
(20)
|
|
|
67
|
|
|
(10)
|
|
|
(10)
|
|
|
11
|
|
|
**
|
|
|
**
|
|
|
7
|
|
|
1
|
|
|
**
|
|
Total net revenue
growth (period over period)
|
|
(1)
|
|
|
13
|
|
|
(10)
|
|
|
(2)
|
|
|
7
|
|
|
**
|
|
|
**
|
|
|
—
|
|
|
2
|
|
|
**
|
|
Total net revenue
margin(5)
|
|
7.56
|
|
|
7.54
|
|
|
6.93
|
|
|
8.16
|
|
|
8.51
|
|
|
2
|
bps
|
|
(95)
|
bps
|
|
7.54
|
|
|
8.37
|
|
|
(83)
|
bps
|
Net interest
margin(6)
|
|
6.05
|
|
|
5.68
|
|
|
5.78
|
|
|
6.78
|
|
|
6.95
|
|
|
37
|
|
|
(90)
|
|
|
6.06
|
|
|
6.83
|
|
|
(77)
|
|
Return on average
assets
|
|
2.45
|
|
|
2.28
|
|
|
(0.89)
|
|
|
(1.37)
|
|
|
1.23
|
|
|
17
|
|
|
122
|
|
|
0.66
|
|
|
1.48
|
|
|
(82)
|
|
Return on average
tangible assets(7)
|
|
2.54
|
|
|
2.36
|
|
|
(0.93)
|
|
|
(1.43)
|
|
|
1.28
|
|
|
18
|
|
|
126
|
|
|
0.69
|
|
|
1.54
|
|
|
(85)
|
|
Return on average
common equity(8)
|
|
18.18
|
|
|
17.84
|
|
|
(7.69)
|
|
|
(10.68)
|
|
|
7.93
|
|
|
34
|
|
|
10
|
%
|
|
4.49
|
|
|
10.16
|
|
|
(6)
|
%
|
Return on average
tangible common equity(9)
|
|
25.02
|
|
|
24.98
|
|
|
(10.74)
|
|
|
(14.85)
|
|
|
11.07
|
|
|
4
|
|
|
14
|
|
|
6.24
|
|
|
14.37
|
|
|
(8)
|
|
Non-interest expense
as a percentage of average loans held for
investment
|
|
6.47
|
|
|
5.69
|
|
|
5.95
|
|
|
5.67
|
|
|
6.43
|
|
|
78
|
|
|
4
|
bps
|
|
5.94
|
|
|
6.26
|
|
|
(32)
|
bps
|
Efficiency
ratio(10)
|
|
54.64
|
|
|
48.07
|
|
|
57.50
|
|
|
51.44
|
|
|
56.03
|
|
|
7
|
%
|
|
(139)
|
|
|
52.79
|
|
|
54.15
|
|
|
(136)
|
|
Operating efficiency
ratio(11)
|
|
46.97
|
|
|
44.24
|
|
|
53.34
|
|
|
44.67
|
|
|
46.47
|
|
|
273
|
bps
|
|
50
|
|
|
47.14
|
|
|
46.20
|
|
|
94
|
|
Effective income tax
rate for continuing operations
|
|
16.2
|
|
|
31.3
|
|
|
37.2
|
|
|
29.6
|
|
|
18.6
|
|
|
(15)
|
%
|
|
(240)
|
|
|
15.2
|
|
|
19.5
|
|
|
(4)
|
%
|
Employees
(period-end, in thousands)
|
|
52.0
|
|
|
52.5
|
|
|
53.1
|
|
|
52.1
|
|
|
51.9
|
|
|
(1)
|
|
|
—
|
|
|
52.0
|
|
|
51.9
|
|
|
—
|
|
Credit Quality
Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses
|
|
$
|
15,564
|
|
|
$
|
16,129
|
|
|
$
|
16,832
|
|
|
$
|
14,073
|
|
|
$
|
7,208
|
|
|
(4)
|
%
|
|
116
|
%
|
|
$
|
15,564
|
|
|
$
|
7,208
|
|
|
116
|
%
|
Allowance coverage
ratio
|
|
6.19
|
%
|
|
6.50
|
%
|
|
6.69
|
%
|
|
5.35
|
%
|
|
2.71
|
%
|
|
(31)
|
bps
|
|
348
|
bps
|
|
6.19
|
%
|
|
2.71
|
%
|
|
348
|
bps
|
Net
charge-offs
|
|
$
|
856
|
|
|
$
|
1,073
|
|
|
$
|
1,505
|
|
|
$
|
1,791
|
|
|
$
|
1,683
|
|
|
(20)
|
%
|
|
(49)
|
%
|
|
$
|
5,225
|
|
|
$
|
6,252
|
|
|
(16)
|
%
|
Net charge-off
rate(12)
|
|
1.38
|
%
|
|
1.72
|
%
|
|
2.38
|
%
|
|
2.72
|
%
|
|
2.60
|
%
|
|
(34)
|
bps
|
|
(122)
|
bps
|
|
2.06
|
%
|
|
2.53
|
%
|
|
(47)
|
bps
|
30+ day performing
delinquency rate(13)
|
|
2.41
|
|
|
1.97
|
|
|
2.09
|
|
|
2.95
|
|
|
3.51
|
|
|
44
|
|
|
(110)
|
|
|
2.41
|
|
|
3.51
|
|
|
(110)
|
|
30+ day delinquency
rate(13)
|
|
2.61
|
|
|
2.22
|
|
|
2.30
|
|
|
3.16
|
|
|
3.74
|
|
|
39
|
|
|
(113)
|
|
|
2.61
|
|
|
3.74
|
|
|
(113)
|
|
Capital
Ratios(14)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1
capital
|
|
13.7
|
%
|
|
13.0
|
%
|
|
12.4
|
%
|
|
12.0
|
%
|
|
12.2
|
%
|
|
70
|
bps
|
|
150
|
bps
|
|
13.7
|
%
|
|
12.2
|
%
|
|
150
|
bps
|
Tier 1
capital
|
|
15.3
|
|
|
14.8
|
|
|
14.2
|
|
|
13.7
|
|
|
13.7
|
|
|
50
|
|
|
160
|
|
|
15.3
|
|
|
13.7
|
|
|
160
|
|
Total
capital
|
|
17.7
|
|
|
17.3
|
|
|
16.7
|
|
|
16.1
|
|
|
16.1
|
|
|
40
|
|
|
160
|
|
|
17.7
|
|
|
16.1
|
|
|
160
|
|
Tier 1
leverage
|
|
11.2
|
|
|
10.6
|
|
|
10.3
|
|
|
11.0
|
|
|
11.7
|
|
|
60
|
|
|
(50)
|
|
|
11.2
|
|
|
11.7
|
|
|
(50)
|
|
Tangible common
equity ("TCE")(15)
|
|
10.0
|
|
|
9.4
|
|
|
8.8
|
|
|
9.6
|
|
|
10.2
|
|
|
60
|
|
|
(20)
|
|
|
10.0
|
|
|
10.2
|
|
|
(20)
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 3:
Consolidated Statements of Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 Q4
vs.
|
|
Year Ended
December 31,
|
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
2020
vs.
|
(Dollars in
millions, except per share data and as noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2020
|
|
2019
|
|
2019
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including loans
held for sale
|
|
$
|
5,954
|
|
|
$
|
5,758
|
|
|
$
|
5,820
|
|
|
$
|
6,542
|
|
|
$
|
6,682
|
|
|
3
|
%
|
|
(11)
|
%
|
|
$
|
24,074
|
|
|
$
|
25,862
|
|
|
(7)
|
%
|
Investment
securities
|
|
422
|
|
|
443
|
|
|
482
|
|
|
530
|
|
|
544
|
|
|
(5)
|
|
|
(22)
|
|
|
1,877
|
|
|
2,411
|
|
|
(22)
|
|
Other
|
|
15
|
|
|
14
|
|
|
16
|
|
|
37
|
|
|
44
|
|
|
7
|
|
|
(66)
|
|
|
82
|
|
|
240
|
|
|
(66)
|
|
Total interest
income
|
|
6,391
|
|
|
6,215
|
|
|
6,318
|
|
|
7,109
|
|
|
7,270
|
|
|
3
|
|
|
(12)
|
|
|
26,033
|
|
|
28,513
|
|
|
(9)
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
347
|
|
|
476
|
|
|
611
|
|
|
731
|
|
|
832
|
|
|
(27)
|
|
|
(58)
|
|
|
2,165
|
|
|
3,420
|
|
|
(37)
|
|
Securitized debt
obligations
|
|
34
|
|
|
43
|
|
|
56
|
|
|
99
|
|
|
118
|
|
|
(21)
|
|
|
(71)
|
|
|
232
|
|
|
523
|
|
|
(56)
|
|
Senior and
subordinated notes
|
|
128
|
|
|
132
|
|
|
180
|
|
|
239
|
|
|
236
|
|
|
(3)
|
|
|
(46)
|
|
|
679
|
|
|
1,159
|
|
|
(41)
|
|
Other
borrowings
|
|
9
|
|
|
9
|
|
|
11
|
|
|
15
|
|
|
18
|
|
|
—
|
|
|
(50)
|
|
|
44
|
|
|
71
|
|
|
(38)
|
|
Total interest
expense
|
|
518
|
|
|
660
|
|
|
858
|
|
|
1,084
|
|
|
1,204
|
|
|
(22)
|
|
|
(57)
|
|
|
3,120
|
|
|
5,173
|
|
|
(40)
|
|
Net interest
income
|
|
5,873
|
|
|
5,555
|
|
|
5,460
|
|
|
6,025
|
|
|
6,066
|
|
|
6
|
|
|
(3)
|
|
|
22,913
|
|
|
23,340
|
|
|
(2)
|
|
Provision for credit
losses
|
|
264
|
|
|
331
|
|
|
4,246
|
|
|
5,423
|
|
|
1,818
|
|
|
(20)
|
|
|
(85)
|
|
|
10,264
|
|
|
6,236
|
|
|
65
|
|
Net interest income
after provision for credit losses
|
|
5,609
|
|
|
5,224
|
|
|
1,214
|
|
|
602
|
|
|
4,248
|
|
|
7
|
|
|
32
|
|
|
12,649
|
|
|
17,104
|
|
|
(26)
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interchange fees,
net
|
|
818
|
|
|
775
|
|
|
672
|
|
|
752
|
|
|
811
|
|
|
6
|
|
|
1
|
|
|
3,017
|
|
|
3,179
|
|
|
(5)
|
|
Service charges and
other customer-related fees
|
|
338
|
|
|
320
|
|
|
258
|
|
|
327
|
|
|
342
|
|
|
6
|
|
|
(1)
|
|
|
1,243
|
|
|
1,330
|
|
|
(7)
|
|
Net securities gains
(losses)
|
|
—
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
(18)
|
|
|
**
|
|
|
**
|
|
|
25
|
|
|
26
|
|
|
(4)
|
|
Other
|
|
308
|
|
|
706
|
|
|
166
|
|
|
145
|
|
|
226
|
|
|
(56)
|
|
|
36
|
|
|
1,325
|
|
|
718
|
|
|
85
|
|
Total non-interest
income
|
|
1,464
|
|
|
1,826
|
|
|
1,096
|
|
|
1,224
|
|
|
1,361
|
|
|
(20)
|
|
|
8
|
|
|
5,610
|
|
|
5,253
|
|
|
7
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and associate
benefits
|
|
1,755
|
|
|
1,719
|
|
|
1,704
|
|
|
1,627
|
|
|
1,652
|
|
|
2
|
|
|
6
|
|
|
6,805
|
|
|
6,388
|
|
|
7
|
|
Occupancy and
equipment
|
|
572
|
|
|
506
|
|
|
523
|
|
|
517
|
|
|
565
|
|
|
13
|
|
|
1
|
|
|
2,118
|
|
|
2,098
|
|
|
1
|
|
Marketing
|
|
563
|
|
|
283
|
|
|
273
|
|
|
491
|
|
|
710
|
|
|
99
|
|
|
(21)
|
|
|
1,610
|
|
|
2,274
|
|
|
(29)
|
|
Professional
services
|
|
394
|
|
|
327
|
|
|
304
|
|
|
287
|
|
|
318
|
|
|
20
|
|
|
24
|
|
|
1,312
|
|
|
1,237
|
|
|
6
|
|
Communications and
data processing
|
|
295
|
|
|
310
|
|
|
308
|
|
|
302
|
|
|
346
|
|
|
(5)
|
|
|
(15)
|
|
|
1,215
|
|
|
1,290
|
|
|
(6)
|
|
Amortization of
intangibles
|
|
8
|
|
|
14
|
|
|
16
|
|
|
22
|
|
|
28
|
|
|
(43)
|
|
|
(71)
|
|
|
60
|
|
|
112
|
|
|
(46)
|
|
Other(16)
|
|
422
|
|
|
389
|
|
|
642
|
|
|
483
|
|
|
542
|
|
|
8
|
|
|
(22)
|
|
|
1,936
|
|
|
2,084
|
|
|
(7)
|
|
Total non-interest
expense
|
|
4,009
|
|
|
3,548
|
|
|
3,770
|
|
|
3,729
|
|
|
4,161
|
|
|
13
|
|
|
(4)
|
|
|
15,056
|
|
|
15,483
|
|
|
(3)
|
|
Income (loss) from
continuing operations before income taxes
|
|
3,064
|
|
|
3,502
|
|
|
(1,460)
|
|
|
(1,903)
|
|
|
1,448
|
|
|
(13)
|
|
|
112
|
|
|
3,203
|
|
|
6,874
|
|
|
(53)
|
|
Income tax provision
(benefit)
|
|
496
|
|
|
1,096
|
|
|
(543)
|
|
|
(563)
|
|
|
270
|
|
|
(55)
|
|
|
84
|
|
|
486
|
|
|
1,341
|
|
|
(64)
|
|
Income (loss) from
continuing operations, net of tax
|
|
2,568
|
|
|
2,406
|
|
|
(917)
|
|
|
(1,340)
|
|
|
1,178
|
|
|
7
|
|
|
118
|
|
|
2,717
|
|
|
5,533
|
|
|
(51)
|
|
Income (loss) from
discontinued operations, net of tax
|
|
(2)
|
|
|
—
|
|
|
(1)
|
|
|
—
|
|
|
(2)
|
|
|
**
|
|
|
—
|
|
|
(3)
|
|
|
13
|
|
|
**
|
|
Net income
(loss)
|
|
2,566
|
|
|
2,406
|
|
|
(918)
|
|
|
(1,340)
|
|
|
1,176
|
|
|
7
|
|
|
118
|
|
|
2,714
|
|
|
5,546
|
|
|
(51)
|
|
Dividends and
undistributed earnings allocated to participating
securities(2)
|
|
(19)
|
|
|
(20)
|
|
|
(1)
|
|
|
(3)
|
|
|
(7)
|
|
|
(5)
|
|
|
171
|
|
|
(20)
|
|
|
(41)
|
|
|
(51)
|
|
Preferred stock
dividends
|
|
(68)
|
|
|
(67)
|
|
|
(90)
|
|
|
(55)
|
|
|
(97)
|
|
|
1
|
|
|
(30)
|
|
|
(280)
|
|
|
(282)
|
|
|
(1)
|
|
Issuance cost for
redeemed preferred stock(3)
|
|
(17)
|
|
|
—
|
|
|
—
|
|
|
(22)
|
|
|
(31)
|
|
|
**
|
|
|
(45)
|
|
|
(39)
|
|
|
(31)
|
|
|
26
|
|
Net income (loss)
available to common stockholders
|
|
$
|
2,462
|
|
|
$
|
2,319
|
|
|
$
|
(1,009)
|
|
|
$
|
(1,420)
|
|
|
$
|
1,041
|
|
|
6
|
|
|
137
|
|
|
$
|
2,375
|
|
|
$
|
5,192
|
|
|
(54)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 Q4
vs.
|
|
Year Ended
December 31,
|
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
2020
vs.
|
(Dollars in
millions, except per share data and as noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2020
|
|
2019
|
|
2019
|
Basic earnings per
common share:(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
$
|
5.36
|
|
|
$
|
5.07
|
|
|
$
|
(2.21)
|
|
|
$
|
(3.10)
|
|
|
$
|
2.26
|
|
|
6
|
%
|
|
137
|
%
|
|
$
|
5.20
|
|
|
$
|
11.07
|
|
|
(53)
|
%
|
Income (loss) from
discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.01)
|
|
|
0.03
|
|
|
**
|
|
Net income (loss) per
basic common share
|
|
$
|
5.36
|
|
|
$
|
5.07
|
|
|
$
|
(2.21)
|
|
|
$
|
(3.10)
|
|
|
$
|
2.26
|
|
|
6
|
|
|
137
|
|
|
$
|
5.19
|
|
|
$
|
11.10
|
|
|
(53)
|
|
Diluted earnings
per common share:(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
$
|
5.35
|
|
|
$
|
5.06
|
|
|
$
|
(2.21)
|
|
|
$
|
(3.10)
|
|
|
$
|
2.25
|
|
|
6
|
|
|
138
|
|
|
$
|
5.19
|
|
|
$
|
11.02
|
|
|
(53)
|
|
Income (loss) from
discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.01)
|
|
|
0.03
|
|
|
**
|
|
Net income (loss) per
diluted common share
|
|
$
|
5.35
|
|
|
$
|
5.06
|
|
|
$
|
(2.21)
|
|
|
$
|
(3.10)
|
|
|
$
|
2.25
|
|
|
6
|
|
|
138
|
|
|
$
|
5.18
|
|
|
$
|
11.05
|
|
|
(53)
|
|
Weighted-average
common shares outstanding (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic common
shares
|
|
459.1
|
|
|
457.8
|
|
|
456.7
|
|
|
457.6
|
|
|
460.9
|
|
|
—
|
|
|
—
|
|
|
457.8
|
|
|
467.6
|
|
|
(2)
|
|
Diluted common
shares
|
|
460.2
|
|
|
458.5
|
|
|
456.7
|
|
|
457.6
|
|
|
463.4
|
|
|
—
|
|
|
(1)
|
|
|
458.9
|
|
|
469.9
|
|
|
(2)
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 4:
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 Q4
vs.
|
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
(Dollars in
millions)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
4,708
|
|
|
$
|
4,267
|
|
|
$
|
4,583
|
|
|
$
|
4,545
|
|
|
$
|
4,129
|
|
|
10
|
%
|
|
14
|
%
|
Interest-bearing
deposits and other short-term investments
|
|
35,801
|
|
|
39,839
|
|
|
51,235
|
|
|
20,391
|
|
|
9,278
|
|
|
(10)
|
|
|
**
|
|
Total cash and cash
equivalents
|
|
40,509
|
|
|
44,106
|
|
|
55,818
|
|
|
24,936
|
|
|
13,407
|
|
|
(8)
|
|
|
**
|
|
Restricted cash for
securitization investors
|
|
262
|
|
|
895
|
|
|
740
|
|
|
364
|
|
|
342
|
|
|
(71)
|
|
|
(23)
|
|
Securities available
for sale
|
|
100,445
|
|
|
99,853
|
|
|
87,859
|
|
|
81,423
|
|
|
79,213
|
|
|
1
|
|
|
27
|
|
Loans held for
investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecuritized loans
held for investment
|
|
225,698
|
|
|
217,878
|
|
|
222,310
|
|
|
231,318
|
|
|
231,992
|
|
|
4
|
|
|
(3)
|
|
Loans held in
consolidated trusts
|
|
25,926
|
|
|
30,345
|
|
|
29,202
|
|
|
31,672
|
|
|
33,817
|
|
|
(15)
|
|
|
(23)
|
|
Total loans held for
investment
|
|
251,624
|
|
|
248,223
|
|
|
251,512
|
|
|
262,990
|
|
|
265,809
|
|
|
1
|
|
|
(5)
|
|
Allowance for credit
losses
|
|
(15,564)
|
|
|
(16,129)
|
|
|
(16,832)
|
|
|
(14,073)
|
|
|
(7,208)
|
|
|
(4)
|
|
|
116
|
|
Net loans held for
investment
|
|
236,060
|
|
|
232,094
|
|
|
234,680
|
|
|
248,917
|
|
|
258,601
|
|
|
2
|
|
|
(9)
|
|
Loans held for
sale
|
|
2,710
|
|
|
3,433
|
|
|
711
|
|
|
1,056
|
|
|
400
|
|
|
(21)
|
|
|
**
|
|
Premises and
equipment, net
|
|
4,287
|
|
|
4,333
|
|
|
4,324
|
|
|
4,336
|
|
|
4,378
|
|
|
(1)
|
|
|
(2)
|
|
Interest
receivable
|
|
1,471
|
|
|
1,551
|
|
|
1,574
|
|
|
1,687
|
|
|
1,758
|
|
|
(5)
|
|
|
(16)
|
|
Goodwill
|
|
14,653
|
|
|
14,648
|
|
|
14,645
|
|
|
14,645
|
|
|
14,653
|
|
|
—
|
|
|
—
|
|
Other
assets
|
|
21,205
|
|
|
20,970
|
|
|
20,945
|
|
|
19,514
|
|
|
17,613
|
|
|
1
|
|
|
20
|
|
Total
assets
|
|
$
|
421,602
|
|
|
$
|
421,883
|
|
|
$
|
421,296
|
|
|
$
|
396,878
|
|
|
$
|
390,365
|
|
|
—
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 Q4
vs.
|
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
(Dollars in
millions)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
payable
|
|
$
|
352
|
|
|
$
|
332
|
|
|
$
|
380
|
|
|
$
|
359
|
|
|
$
|
439
|
|
|
6
|
%
|
|
(20)
|
%
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
|
31,142
|
|
|
29,633
|
|
|
29,055
|
|
|
24,547
|
|
|
23,488
|
|
|
5
|
|
|
33
|
|
Interest-bearing
deposits
|
|
274,300
|
|
|
276,092
|
|
|
275,183
|
|
|
245,142
|
|
|
239,209
|
|
|
(1)
|
|
|
15
|
|
Total
deposits
|
|
305,442
|
|
|
305,725
|
|
|
304,238
|
|
|
269,689
|
|
|
262,697
|
|
|
—
|
|
|
16
|
|
Securitized debt
obligations
|
|
12,414
|
|
|
13,566
|
|
|
15,761
|
|
|
17,141
|
|
|
17,808
|
|
|
(8)
|
|
|
(30)
|
|
Other
debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities loaned or sold under agreements to
repurchase
|
|
668
|
|
|
702
|
|
|
573
|
|
|
399
|
|
|
314
|
|
|
(5)
|
|
|
113
|
|
Senior and
subordinated notes
|
|
27,382
|
|
|
28,448
|
|
|
28,481
|
|
|
32,049
|
|
|
30,472
|
|
|
(4)
|
|
|
(10)
|
|
Other
borrowings
|
|
75
|
|
|
79
|
|
|
85
|
|
|
6,092
|
|
|
7,103
|
|
|
(5)
|
|
|
(99)
|
|
Total other
debt
|
|
28,125
|
|
|
29,229
|
|
|
29,139
|
|
|
38,540
|
|
|
37,889
|
|
|
(4)
|
|
|
(26)
|
|
Other
liabilities
|
|
15,065
|
|
|
14,607
|
|
|
15,733
|
|
|
14,319
|
|
|
13,521
|
|
|
3
|
|
|
11
|
|
Total
liabilities
|
|
361,398
|
|
|
363,459
|
|
|
365,251
|
|
|
340,048
|
|
|
332,354
|
|
|
(1)
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
—
|
|
|
—
|
|
Common
stock
|
|
7
|
|
|
7
|
|
|
7
|
|
|
7
|
|
|
7
|
|
|
—
|
|
|
—
|
|
Additional paid-in
capital, net
|
|
33,480
|
|
|
33,793
|
|
|
33,556
|
|
|
33,450
|
|
|
32,980
|
|
|
(1)
|
|
|
2
|
|
Retained
earnings
|
|
40,088
|
|
|
37,653
|
|
|
35,361
|
|
|
36,552
|
|
|
40,340
|
|
|
6
|
|
|
(1)
|
|
Accumulated other
comprehensive income
|
|
3,494
|
|
|
3,833
|
|
|
3,981
|
|
|
3,679
|
|
|
1,156
|
|
|
(9)
|
|
|
**
|
|
Treasury stock, at
cost
|
|
(16,865)
|
|
|
(16,862)
|
|
|
(16,860)
|
|
|
(16,858)
|
|
|
(16,472)
|
|
|
—
|
|
|
2
|
|
Total
stockholders' equity
|
|
60,204
|
|
|
58,424
|
|
|
56,045
|
|
|
56,830
|
|
|
58,011
|
|
|
3
|
|
|
4
|
|
Total liabilities
and stockholders' equity
|
|
$
|
421,602
|
|
|
$
|
421,883
|
|
|
$
|
421,296
|
|
|
$
|
396,878
|
|
|
$
|
390,365
|
|
|
—
|
|
|
8
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 5: Notes to
Financial Summary, Selected Metrics and Consolidated Financial
Statements (Tables 1—4)
|
|
(1)
|
Total net revenue was
reduced by $177 million in Q4 2020, $235 million in Q3 2020, $318
million in Q2 2020 and $389 million in Q1 2020 for credit card
finance charges and fees
charged-off as uncollectible, and by $365 million in Q4 2019 for
the estimated uncollectible amount of credit card finance charges
and fees and related losses.
|
(2)
|
Dividends and
undistributed earnings allocated to participating securities and
earnings per share are computed independently for each period.
Accordingly, the sum of each
quarterly amount may not agree to the year-to-date total. We also
provide adjusted diluted earnings per share, which is a non-GAAP
measure. See "Table 15: Calculation of
Regulatory Capital Measures and Reconciliation of Non-GAAP
Measures" for additional information on our non-GAAP
measures.
|
(3)
|
On December 1, 2020,
we redeemed all outstanding shares of our fixed rate 6.20%
non-cumulative perpetual preferred stock Series F, which reduced
our net income
available to common shareholders by $17 million in Q4 2020. On
March 2, 2020, we redeemed all outstanding shares of our fixed rate
6.00% non-cumulative perpetual preferred
stock Series B, which increased our net loss available to common
shareholders by $22 million in Q1 2020. On December 2, 2019, we
redeemed all outstanding shares of
our fixed rate 6.25% non-cumulative perpetual preferred stock
Series C and fixed rate 6.70% non-cumulative perpetual preferred
stock Series D, which reduced our net
income available to common shareholders by $31 million in Q4
2019.
|
(4)
|
Tangible book value
per common share is a non-GAAP measure calculated based on tangible
common equity divided by common shares outstanding. See "Table 15:
Calculation
of Regulatory Capital Measures and Reconciliation of Non-GAAP
Measures" for additional information on non-GAAP
measures.
|
(5)
|
Total net revenue
margin is calculated based on total net revenue for the period
divided by average interest-earning assets for the
period.
|
(6)
|
Net interest margin
is calculated based on annualized net interest income for the
period divided by average interest-earning assets for the
period.
|
(7)
|
Return on average
tangible assets is a non-GAAP measure calculated based on
annualized income (loss) from continuing operations, net of tax,
for the period divided by average
tangible assets for the period. See "Table 15: Calculation of
Regulatory Capital Measures and Reconciliation of Non-GAAP
Measures" for additional information on non-GAAP
measures.
|
(8)
|
Return on average
common equity is calculated based on net income (loss) available to
common stockholders less income (loss) from discontinued
operations, net of tax, for the
period, divided by average common equity. Our calculation of return
on average common equity may not be comparable to similarly-titled
measures reported by other companies.
|
(9)
|
Return on average
tangible common equity ("ROTCE") is a non-GAAP measure calculated
based on net income (loss) available to common stockholders less
income (loss) from
discontinued operations, net of tax, for the period, divided by
average tangible common equity ("TCE"). Our calculation of return
on average TCE may not be comparable to
similarly-titled measures reported by other companies. See "Table
15: Calculation of Regulatory Capital Measures and Reconciliation
of Non-GAAP Measures" for additional
information on non-GAAP measures.
|
(10)
|
Efficiency ratio is
calculated based on total non-interest expense for the period
divided by total net revenue for the period. We also provide an
adjusted efficiency ratio, which is a
non-GAAP measure. See "Table 15: Calculation of Regulatory Capital
Measures and Reconciliation of Non-GAAP Measures" for additional
information on our non-GAAP
measures.
|
(11)
|
Operating efficiency
ratio is calculated based on operating expense for the period
divided by total net revenue for the period. We also provide an
adjusted operating efficiency ratio,
which is a non-GAAP measure. See "Table 15: Calculation of
Regulatory Capital Measures and Reconciliation of Non-GAAP
Measures" for additional information on our non-GAAP
measures.
|
(12)
|
Net charge-off rate
is calculated based on annualized net charge-offs for the period
divided by average loans held for investment for the
period.
|
(13)
|
Metrics for Q4 2020,
Q3 2020, Q2 2020 and Q1 2020 include the impact of COVID-19
customer assistance programs where applicable.
|
(14)
|
Capital ratios as of
the end of Q4 2020 are preliminary and therefore subject to change.
See "Table 15: Calculation of Regulatory Capital Measures and
Reconciliation of Non-
GAAP 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 15: Calculation of Regulatory Capital Measures
and Reconciliation of Non-
GAAP Measures" for additional information on non-GAAP
measures.
|
(16)
|
Includes net
Cybersecurity Incident expenses of $6 million in Q4 2020, $6
million in Q3 2020, $11 million in Q2 2020, $4 million in Q1 2020
and $16 million in Q4 2019, respectively.
|
**
|
Not
meaningful.
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 6: Average
Balances, Net Interest Income and Net Interest
Margin
|
|
|
|
2020
Q4
|
|
2020
Q3
|
|
2019
Q4
|
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/Rate
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/Rate
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/Rate
|
(Dollars in
millions, except as noted)
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including loans
held for sale
|
|
$
|
251,135
|
|
|
$
|
5,954
|
|
|
9.48
|
%
|
|
$
|
250,525
|
|
|
$
|
5,758
|
|
|
9.19
|
%
|
|
$
|
259,855
|
|
|
$
|
6,682
|
|
|
10.29
|
%
|
Investment
securities
|
|
97,640
|
|
|
422
|
|
|
1.73
|
|
|
91,777
|
|
|
443
|
|
|
1.93
|
|
|
79,104
|
|
|
544
|
|
|
2.75
|
|
Cash equivalents and
other
|
|
39,477
|
|
|
15
|
|
|
0.15
|
|
|
49,149
|
|
|
14
|
|
|
0.11
|
|
|
10,191
|
|
|
44
|
|
|
1.70
|
|
Total
interest-earning assets
|
|
$
|
388,252
|
|
|
$
|
6,391
|
|
|
6.58
|
|
|
$
|
391,451
|
|
|
$
|
6,215
|
|
|
6.35
|
|
|
$
|
349,150
|
|
|
$
|
7,270
|
|
|
8.33
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
$
|
274,143
|
|
|
$
|
347
|
|
|
0.51
|
|
|
$
|
276,339
|
|
|
$
|
476
|
|
|
0.69
|
|
|
$
|
236,250
|
|
|
$
|
832
|
|
|
1.41
|
|
Securitized debt
obligations
|
|
12,651
|
|
|
34
|
|
|
1.08
|
|
|
15,032
|
|
|
43
|
|
|
1.14
|
|
|
18,339
|
|
|
118
|
|
|
2.58
|
|
Senior and
subordinated notes
|
|
27,386
|
|
|
128
|
|
|
1.87
|
|
|
28,497
|
|
|
132
|
|
|
1.86
|
|
|
30,597
|
|
|
236
|
|
|
3.08
|
|
Other borrowings and
liabilities
|
|
2,095
|
|
|
9
|
|
|
1.75
|
|
|
2,119
|
|
|
9
|
|
|
1.77
|
|
|
3,789
|
|
|
18
|
|
|
1.95
|
|
Total
interest-bearing liabilities
|
|
$
|
316,275
|
|
|
$
|
518
|
|
|
0.65
|
|
|
$
|
321,987
|
|
|
$
|
660
|
|
|
0.82
|
|
|
$
|
288,975
|
|
|
$
|
1,204
|
|
|
1.67
|
|
Net interest
income/spread
|
|
|
|
$
|
5,873
|
|
|
5.93
|
|
|
|
|
$
|
5,555
|
|
|
5.53
|
|
|
|
|
$
|
6,066
|
|
|
6.66
|
|
Impact of
non-interest-bearing funding
|
|
|
|
|
|
0.12
|
|
|
|
|
|
|
0.15
|
|
|
|
|
|
|
0.29
|
|
Net interest
margin
|
|
|
|
|
|
6.05
|
%
|
|
|
|
|
|
5.68
|
%
|
|
|
|
|
|
6.95
|
%
|
|
|
|
Year Ended
December 31,
|
|
|
2020
|
|
2019
|
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/Rate
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/Rate
|
(Dollars in
millions, except as noted)
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including loans
held for sale
|
|
$
|
254,901
|
|
|
$
|
24,074
|
|
|
9.44
|
%
|
|
$
|
248,552
|
|
|
$
|
25,862
|
|
|
10.41
|
%
|
Investment
securities
|
|
87,222
|
|
|
1,877
|
|
|
2.15
|
|
|
81,467
|
|
|
2,411
|
|
|
2.96
|
|
Cash equivalents and
other
|
|
36,239
|
|
|
82
|
|
|
0.23
|
|
|
11,491
|
|
|
240
|
|
|
2.08
|
|
Total
interest-earning assets
|
|
$
|
378,362
|
|
|
$
|
26,033
|
|
|
6.88
|
|
|
$
|
341,510
|
|
|
$
|
28,513
|
|
|
8.35
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
$
|
263,279
|
|
|
$
|
2,165
|
|
|
0.82
|
|
|
$
|
231,609
|
|
|
$
|
3,420
|
|
|
1.48
|
|
Securitized debt
obligations
|
|
15,533
|
|
|
232
|
|
|
1.49
|
|
|
18,020
|
|
|
523
|
|
|
2.90
|
|
Senior and
subordinated notes
|
|
29,621
|
|
|
679
|
|
|
2.29
|
|
|
30,821
|
|
|
1,159
|
|
|
3.76
|
|
Other borrowings and
liabilities
|
|
2,882
|
|
|
44
|
|
|
1.55
|
|
|
3,369
|
|
|
71
|
|
|
2.12
|
|
Total
interest-bearing liabilities
|
|
$
|
311,315
|
|
|
$
|
3,120
|
|
|
1.00
|
|
|
$
|
283,819
|
|
|
$
|
5,173
|
|
|
1.82
|
|
Net interest
income/spread
|
|
|
|
$
|
22,913
|
|
|
5.88
|
|
|
|
|
$
|
23,340
|
|
|
6.53
|
|
Impact of
non-interest-bearing funding
|
|
|
|
|
|
0.18
|
|
|
|
|
|
|
0.30
|
|
Net interest
margin
|
|
|
|
|
|
6.06
|
%
|
|
|
|
|
|
6.83
|
%
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 7: Loan
Information and Performance Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 Q4
vs.
|
|
Year Ended
December 31,
|
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020 vs.
2019
|
(Dollars in
millions, except as noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
Loans Held for
Investment (Period-End)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card(7)
|
|
$
|
98,504
|
|
|
$
|
95,541
|
|
|
$
|
99,390
|
|
|
$
|
109,549
|
|
|
$
|
118,606
|
|
|
3
|
%
|
|
(17)
|
%
|
|
$
|
98,504
|
|
|
$
|
118,606
|
|
|
(17)
|
%
|
International card businesses
|
|
8,452
|
|
|
8,100
|
|
|
7,920
|
|
|
8,248
|
|
|
9,630
|
|
|
4
|
|
|
(12)
|
|
|
8,452
|
|
|
9,630
|
|
|
(12)
|
|
Total credit
card(1)
|
|
106,956
|
|
|
103,641
|
|
|
107,310
|
|
|
117,797
|
|
|
128,236
|
|
|
3
|
|
|
(17)
|
|
|
106,956
|
|
|
128,236
|
|
|
(17)
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
65,762
|
|
|
65,394
|
|
|
63,319
|
|
|
61,364
|
|
|
60,362
|
|
|
1
|
|
|
9
|
|
|
65,762
|
|
|
60,362
|
|
|
9
|
|
Retail
banking
|
|
3,126
|
|
|
3,294
|
|
|
3,393
|
|
|
2,669
|
|
|
2,703
|
|
|
(5)
|
|
|
16
|
|
|
3,126
|
|
|
2,703
|
|
|
16
|
|
Total consumer
banking
|
|
68,888
|
|
|
68,688
|
|
|
66,712
|
|
|
64,033
|
|
|
63,065
|
|
|
—
|
|
|
9
|
|
|
68,888
|
|
|
63,065
|
|
|
9
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
30,681
|
|
|
31,197
|
|
|
30,953
|
|
|
32,373
|
|
|
30,245
|
|
|
(2)
|
|
|
1
|
|
|
30,681
|
|
|
30,245
|
|
|
1
|
|
Commercial and industrial
|
|
45,099
|
|
|
44,697
|
|
|
46,537
|
|
|
48,787
|
|
|
44,263
|
|
|
1
|
|
|
2
|
|
|
45,099
|
|
|
44,263
|
|
|
2
|
|
Total commercial
banking
|
|
75,780
|
|
|
75,894
|
|
|
77,490
|
|
|
81,160
|
|
|
74,508
|
|
|
—
|
|
|
2
|
|
|
75,780
|
|
|
74,508
|
|
|
2
|
|
Total loans held for
investment
|
|
$
|
251,624
|
|
|
$
|
248,223
|
|
|
$
|
251,512
|
|
|
$
|
262,990
|
|
|
$
|
265,809
|
|
|
1
|
|
|
(5)
|
|
|
$
|
251,624
|
|
|
$
|
265,809
|
|
|
(5)
|
|
Loans Held for
Investment (Average)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card
|
|
$
|
95,453
|
|
|
$
|
97,306
|
|
|
$
|
100,996
|
|
|
$
|
113,711
|
|
|
$
|
112,965
|
|
|
(2)
|
%
|
|
(16)
|
%
|
|
$
|
101,837
|
|
|
$
|
105,270
|
|
|
(3)
|
%
|
International card businesses
|
|
8,108
|
|
|
8,061
|
|
|
7,752
|
|
|
9,065
|
|
|
9,120
|
|
|
1
|
|
|
(11)
|
|
|
8,245
|
|
|
8,932
|
|
|
(8)
|
|
Total credit
card(1)
|
|
103,561
|
|
|
105,367
|
|
|
108,748
|
|
|
122,776
|
|
|
122,085
|
|
|
(2)
|
|
|
(15)
|
|
|
110,082
|
|
|
114,202
|
|
|
(4)
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
65,590
|
|
|
64,476
|
|
|
61,798
|
|
|
61,005
|
|
|
59,884
|
|
|
2
|
|
|
10
|
|
|
63,227
|
|
|
57,938
|
|
|
9
|
|
Retail
banking
|
|
3,218
|
|
|
3,346
|
|
|
3,053
|
|
|
2,666
|
|
|
2,712
|
|
|
(4)
|
|
|
19
|
|
|
3,072
|
|
|
2,770
|
|
|
11
|
|
Total consumer
banking
|
|
68,808
|
|
|
67,822
|
|
|
64,851
|
|
|
63,671
|
|
|
62,596
|
|
|
1
|
|
|
10
|
|
|
66,299
|
|
|
60,708
|
|
|
9
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
30,825
|
|
|
30,918
|
|
|
31,723
|
|
|
31,081
|
|
|
30,173
|
|
|
—
|
|
|
2
|
|
|
31,135
|
|
|
29,608
|
|
|
5
|
|
Commercial and industrial
|
|
44,495
|
|
|
45,404
|
|
|
48,036
|
|
|
45,361
|
|
|
44,016
|
|
|
(2)
|
|
|
1
|
|
|
45,819
|
|
|
42,863
|
|
|
7
|
|
Total commercial
lending
|
|
75,320
|
|
|
76,322
|
|
|
79,759
|
|
|
76,442
|
|
|
74,189
|
|
|
(1)
|
|
|
2
|
|
|
76,954
|
|
|
72,471
|
|
|
6
|
|
Small-ticket commercial real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
**
|
|
|
**
|
|
|
—
|
|
|
69
|
|
|
**
|
|
Total commercial
banking
|
|
75,320
|
|
|
76,322
|
|
|
79,759
|
|
|
76,442
|
|
|
74,189
|
|
|
(1)
|
|
|
2
|
|
|
76,954
|
|
|
72,540
|
|
|
6
|
|
Total average loans
held for investment
|
|
$
|
247,689
|
|
|
$
|
249,511
|
|
|
$
|
253,358
|
|
|
$
|
262,889
|
|
|
$
|
258,870
|
|
|
(1)
|
|
|
(4)
|
|
|
$
|
253,335
|
|
|
$
|
247,450
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 Q4
vs.
|
|
|
Year Ended
December 31,
|
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
2020 vs.
2019
|
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
Net Charge-Off
Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card
|
|
|
2.69
|
%
|
|
|
3.64
|
%
|
|
|
4.53
|
%
|
|
|
4.68
|
%
|
|
|
4.32
|
%
|
|
(95)
|
bps
|
|
(163)
|
bps
|
|
|
3.93
|
%
|
|
|
4.58
|
%
|
|
(65)
|
bps
|
International card businesses
|
|
|
1.86
|
|
|
|
2.89
|
|
|
|
3.47
|
|
|
|
4.65
|
|
|
|
4.22
|
|
|
(103)
|
|
|
(236)
|
|
|
|
3.26
|
|
|
|
3.71
|
|
|
(45)
|
|
Total credit
card
|
|
|
2.63
|
|
|
|
3.58
|
|
|
|
4.46
|
|
|
|
4.68
|
|
|
|
4.31
|
|
|
(95)
|
|
|
(168)
|
|
|
|
3.88
|
|
|
|
4.51
|
|
|
(63)
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
|
0.47
|
|
|
|
0.23
|
|
|
|
1.16
|
|
|
|
1.51
|
|
|
|
1.90
|
|
|
24
|
|
|
(143)
|
|
|
|
0.83
|
|
|
|
1.51
|
|
|
(68)
|
|
Retail
banking
|
|
|
1.88
|
|
|
|
1.38
|
|
|
|
1.78
|
|
|
|
2.37
|
|
|
|
2.77
|
|
|
50
|
|
|
(89)
|
|
|
|
1.82
|
|
|
|
2.57
|
|
|
(75)
|
|
Total consumer
banking
|
|
|
0.53
|
|
|
|
0.28
|
|
|
|
1.19
|
|
|
|
1.54
|
|
|
|
1.93
|
|
|
25
|
|
|
(140)
|
|
|
|
0.87
|
|
|
|
1.56
|
|
|
(69)
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
|
0.02
|
|
|
|
0.41
|
|
|
|
0.09
|
|
|
|
—
|
|
|
|
—
|
|
|
(39)
|
|
|
2
|
|
|
|
0.13
|
|
|
|
—
|
|
|
13
|
|
Commercial and industrial
|
|
|
0.74
|
|
|
|
0.45
|
|
|
|
0.78
|
|
|
|
0.96
|
|
|
|
0.60
|
|
|
29
|
|
|
14
|
|
|
|
0.73
|
|
|
|
0.36
|
|
|
37
|
|
Total commercial
banking
|
|
|
0.45
|
|
|
|
0.43
|
|
|
|
0.51
|
|
|
|
0.57
|
|
|
|
0.35
|
|
|
2
|
|
|
10
|
|
|
|
0.49
|
|
|
|
0.22
|
|
|
27
|
|
Total net
charge-offs
|
|
|
1.38
|
|
|
|
1.72
|
|
|
|
2.38
|
|
|
|
2.72
|
|
|
|
2.60
|
|
|
(34)
|
|
|
(122)
|
|
|
|
2.06
|
|
|
|
2.53
|
|
|
(47)
|
|
30+ Day Performing
Delinquency Rates(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card
|
|
|
2.42
|
%
|
|
|
2.21
|
%
|
|
|
2.74
|
%
|
|
|
3.69
|
%
|
|
|
3.93
|
%
|
|
21
|
bps
|
|
(151)
|
bps
|
|
|
2.42
|
%
|
|
|
3.93
|
%
|
|
(151)
|
bps
|
International card businesses
|
|
|
2.61
|
|
|
|
2.15
|
|
|
|
2.71
|
|
|
|
3.66
|
|
|
|
3.47
|
|
|
46
|
|
|
(86)
|
|
|
|
2.61
|
|
|
|
3.47
|
|
|
(86)
|
|
Total credit
card
|
|
|
2.44
|
|
|
|
2.20
|
|
|
|
2.74
|
|
|
|
3.69
|
|
|
|
3.89
|
|
|
24
|
|
|
(145)
|
|
|
|
2.44
|
|
|
|
3.89
|
|
|
(145)
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
|
4.78
|
|
|
|
3.76
|
|
|
|
3.28
|
|
|
|
5.29
|
|
|
|
6.88
|
|
|
102
|
|
|
(210)
|
|
|
|
4.78
|
|
|
|
6.88
|
|
|
(210)
|
|
Retail
banking
|
|
|
1.32
|
|
|
|
0.83
|
|
|
|
0.89
|
|
|
|
1.27
|
|
|
|
1.02
|
|
|
49
|
|
|
30
|
|
|
|
1.32
|
|
|
|
1.02
|
|
|
30
|
|
Total consumer
banking
|
|
|
4.62
|
|
|
|
3.62
|
|
|
|
3.16
|
|
|
|
5.12
|
|
|
|
6.63
|
|
|
100
|
|
|
(201)
|
|
|
|
4.62
|
|
|
|
6.63
|
|
|
(201)
|
|
Nonperforming
Loans and Nonperforming Assets
Rates(3)(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International card businesses
|
|
|
0.24
|
%
|
|
|
0.25
|
%
|
|
|
0.29
|
%
|
|
|
0.29
|
%
|
|
|
0.26
|
%
|
|
(1)
|
bps
|
|
(2)
|
bps
|
|
|
0.24
|
%
|
|
|
0.26
|
%
|
|
(2)
|
bps
|
Total credit
card
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
0.02
|
|
|
—
|
|
|
—
|
|
|
|
0.02
|
|
|
|
0.02
|
|
|
—
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
|
0.45
|
|
|
|
0.36
|
|
|
|
0.41
|
|
|
|
0.62
|
|
|
|
0.81
|
|
|
9
|
|
|
(36)
|
|
|
|
0.45
|
|
|
|
0.81
|
|
|
(36)
|
|
Retail
banking
|
|
|
0.96
|
|
|
|
0.77
|
|
|
|
0.70
|
|
|
|
0.88
|
|
|
|
0.87
|
|
|
19
|
|
|
9
|
|
|
|
0.96
|
|
|
|
0.87
|
|
|
9
|
|
Total consumer
banking
|
|
|
0.47
|
|
|
|
0.38
|
|
|
|
0.43
|
|
|
|
0.63
|
|
|
|
0.81
|
|
|
9
|
|
|
(34)
|
|
|
|
0.47
|
|
|
|
0.81
|
|
|
(34)
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
|
0.65
|
|
|
|
0.58
|
|
|
|
0.54
|
|
|
|
0.22
|
|
|
|
0.12
|
|
|
7
|
|
|
53
|
|
|
|
0.65
|
|
|
|
0.12
|
|
|
53
|
|
Commercial and industrial
|
|
|
1.00
|
|
|
|
1.31
|
|
|
|
1.06
|
|
|
|
0.87
|
|
|
|
0.93
|
|
|
(31)
|
|
|
7
|
|
|
|
1.00
|
|
|
|
0.93
|
|
|
7
|
|
Total commercial
banking
|
|
|
0.86
|
|
|
|
1.01
|
|
|
|
0.85
|
|
|
|
0.61
|
|
|
|
0.60
|
|
|
(15)
|
|
|
26
|
|
|
|
0.86
|
|
|
|
0.60
|
|
|
26
|
|
Total nonperforming
loans
|
|
|
0.40
|
|
|
|
0.42
|
|
|
|
0.38
|
|
|
|
0.35
|
|
|
|
0.37
|
|
|
(2)
|
|
|
3
|
|
|
|
0.40
|
|
|
|
0.37
|
|
|
3
|
|
Total nonperforming
assets
|
|
|
0.41
|
|
|
|
0.44
|
|
|
|
0.39
|
|
|
|
0.37
|
|
|
|
0.39
|
|
|
(3)
|
|
|
2
|
|
|
|
0.41
|
|
|
|
0.39
|
|
|
2
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 8: Allowance
for Credit Losses and Reserve for Unfunded Lending Commitments
Activity
|
|
|
|
Three Months Ended
December 31, 2020
|
|
|
Credit
Card
|
|
Consumer
Banking
|
|
|
|
|
(Dollars in
millions)
|
|
Domestic
Card
|
|
International
Card
Businesses
|
|
Total Credit
Card
|
|
Auto
|
|
Retail
Banking
|
|
Total
Consumer
Banking
|
|
Commercial
Banking
|
|
Total
|
Allowance for
credit losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
September 30, 2020
|
|
$
|
11,062
|
|
|
$
|
550
|
|
|
$
|
11,612
|
|
|
$
|
2,647
|
|
|
$
|
100
|
|
|
$
|
2,747
|
|
|
$
|
1,770
|
|
|
$
|
16,129
|
|
Charge-offs
|
|
(912)
|
|
|
(80)
|
|
|
(992)
|
|
|
(309)
|
|
|
(18)
|
|
|
(327)
|
|
|
(91)
|
|
|
(1,410)
|
|
Recoveries
|
|
269
|
|
|
43
|
|
|
312
|
|
|
232
|
|
|
3
|
|
|
235
|
|
|
7
|
|
|
554
|
|
Net
charge-offs
|
|
(643)
|
|
|
(37)
|
|
|
(680)
|
|
|
(77)
|
|
|
(15)
|
|
|
(92)
|
|
|
(84)
|
|
|
(856)
|
|
Provision (benefit)
for credit losses
|
|
231
|
|
|
—
|
|
|
231
|
|
|
45
|
|
|
15
|
|
|
60
|
|
|
(28)
|
|
|
263
|
|
Allowance release for
credit losses
|
|
(412)
|
|
|
(37)
|
|
|
(449)
|
|
|
(32)
|
|
|
—
|
|
|
(32)
|
|
|
(112)
|
|
|
(593)
|
|
Other
changes(5)
|
|
—
|
|
|
28
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28
|
|
Balance as of
December 31, 2020
|
|
10,650
|
|
|
541
|
|
|
11,191
|
|
|
2,615
|
|
|
100
|
|
|
2,715
|
|
|
1,658
|
|
|
15,564
|
|
Reserve for
unfunded lending commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
September 30, 2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
195
|
|
|
195
|
|
Provision for losses
on unfunded lending commitments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Balance as of
December 31, 2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
195
|
|
|
195
|
|
Combined allowance
and reserve as of December 31, 2020
|
|
$
|
10,650
|
|
|
$
|
541
|
|
|
$
|
11,191
|
|
|
$
|
2,615
|
|
|
$
|
100
|
|
|
$
|
2,715
|
|
|
$
|
1,853
|
|
|
$
|
15,759
|
|
|
|
|
Year Ended
December 31, 2020
|
|
|
Credit
Card
|
|
Consumer
Banking
|
|
|
|
|
(Dollars in
millions)
|
|
Domestic
Card
|
|
International
Card
Businesses
|
|
Total Credit
Card
|
|
Auto
|
|
Retail
Banking
|
|
Total
Consumer
Banking
|
|
Commercial
Banking
|
|
Total
|
Allowance for
credit losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
December 31, 2019
|
|
$
|
4,997
|
|
|
$
|
398
|
|
|
$
|
5,395
|
|
|
$
|
984
|
|
|
$
|
54
|
|
|
$
|
1,038
|
|
|
$
|
775
|
|
|
$
|
7,208
|
|
Cumulative effects
from adoption of the current expected credit loss ("CECL")
standard
|
|
2,237
|
|
|
4
|
|
|
2,241
|
|
|
477
|
|
|
25
|
|
|
502
|
|
|
102
|
|
|
2,845
|
|
Finance charge and
fee reserve reclassification(1)
|
|
439
|
|
|
23
|
|
|
462
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
462
|
|
Balance as of January
1, 2020
|
|
7,673
|
|
|
425
|
|
|
8,098
|
|
|
1,461
|
|
|
79
|
|
|
1,540
|
|
|
877
|
|
|
10,515
|
|
Charge-offs
|
|
(5,318)
|
|
|
(431)
|
|
|
(5,749)
|
|
|
(1,464)
|
|
|
(70)
|
|
|
(1,534)
|
|
|
(394)
|
|
|
(7,677)
|
|
Recoveries
|
|
1,316
|
|
|
163
|
|
|
1,479
|
|
|
942
|
|
|
14
|
|
|
956
|
|
|
17
|
|
|
2,452
|
|
Net
charge-offs
|
|
(4,002)
|
|
|
(268)
|
|
|
(4,270)
|
|
|
(522)
|
|
|
(56)
|
|
|
(578)
|
|
|
(377)
|
|
|
(5,225)
|
|
Provision for credit
losses
|
|
6,979
|
|
|
348
|
|
|
7,327
|
|
|
1,676
|
|
|
77
|
|
|
1,753
|
|
|
1,158
|
|
|
10,238
|
|
Allowance build for
credit losses
|
|
2,977
|
|
|
80
|
|
|
3,057
|
|
|
1,154
|
|
|
21
|
|
|
1,175
|
|
|
781
|
|
|
5,013
|
|
Other
changes(5)
|
|
—
|
|
|
36
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36
|
|
Balance as of
December 31, 2020
|
|
10,650
|
|
|
541
|
|
|
11,191
|
|
|
2,615
|
|
|
100
|
|
|
2,715
|
|
|
1,658
|
|
|
15,564
|
|
Reserve for
unfunded lending commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
December 31, 2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
5
|
|
|
130
|
|
|
135
|
|
Cumulative effects
from adoption of the CECL standard
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5)
|
|
|
(5)
|
|
|
42
|
|
|
37
|
|
Balance as of January
1, 2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
172
|
|
|
172
|
|
Provision for losses
on unfunded lending commitments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
23
|
|
Balance as of
December 31, 2020
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
195
|
|
|
195
|
|
Combined allowance
and reserve as of December 31, 2020
|
|
$
|
10,650
|
|
|
$
|
541
|
|
|
$
|
11,191
|
|
|
$
|
2,615
|
|
|
$
|
100
|
|
|
$
|
2,715
|
|
|
$
|
1,853
|
|
|
$
|
15,759
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 9: Financial
Summary—Business Segment Results
|
|
|
|
Three Months Ended
December 31, 2020
|
|
Year Ended
December 31, 2020
|
(Dollars in
millions)
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking(6)
|
|
Other(6)
|
|
Total
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking(6)
|
|
Other(6)
|
|
Total
|
Net interest income
(loss)
|
|
$
|
3,413
|
|
|
$
|
2,012
|
|
|
$
|
522
|
|
|
$
|
(74)
|
|
|
$
|
5,873
|
|
|
$
|
13,776
|
|
|
$
|
7,238
|
|
|
$
|
2,048
|
|
|
$
|
(149)
|
|
|
$
|
22,913
|
|
Non-interest
income
|
|
1,054
|
|
|
136
|
|
|
268
|
|
|
6
|
|
|
1,464
|
|
|
3,823
|
|
|
466
|
|
|
923
|
|
|
398
|
|
|
5,610
|
|
Total net revenue
(loss)
|
|
4,467
|
|
|
2,148
|
|
|
790
|
|
|
(68)
|
|
|
7,337
|
|
|
17,599
|
|
|
7,704
|
|
|
2,971
|
|
|
249
|
|
|
28,523
|
|
Provision (benefit)
for credit losses
|
|
231
|
|
|
60
|
|
|
(28)
|
|
|
1
|
|
|
264
|
|
|
7,327
|
|
|
1,753
|
|
|
1,181
|
|
|
3
|
|
|
10,264
|
|
Non-interest
expense
|
|
2,311
|
|
|
1,121
|
|
|
445
|
|
|
132
|
|
|
4,009
|
|
|
8,491
|
|
|
4,159
|
|
|
1,706
|
|
|
700
|
|
|
15,056
|
|
Income (loss) from
continuing operations before income
taxes
|
|
1,925
|
|
|
967
|
|
|
373
|
|
|
(201)
|
|
|
3,064
|
|
|
1,781
|
|
|
1,792
|
|
|
84
|
|
|
(454)
|
|
|
3,203
|
|
Income tax provision
(benefit)
|
|
454
|
|
|
230
|
|
|
88
|
|
|
(276)
|
|
|
496
|
|
|
420
|
|
|
425
|
|
|
19
|
|
|
(378)
|
|
|
486
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
1,471
|
|
|
$
|
737
|
|
|
$
|
285
|
|
|
$
|
75
|
|
|
$
|
2,568
|
|
|
$
|
1,361
|
|
|
$
|
1,367
|
|
|
$
|
65
|
|
|
$
|
(76)
|
|
|
$
|
2,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2020
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking(6)
|
|
Other(6)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(loss)
|
|
$
|
3,292
|
|
|
$
|
1,904
|
|
|
$
|
517
|
|
|
$
|
(158)
|
|
|
$
|
5,555
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income
|
|
1,013
|
|
|
107
|
|
|
237
|
|
|
469
|
|
|
1,826
|
|
|
|
|
|
|
|
|
|
|
|
Total net
revenue
|
|
4,305
|
|
|
2,011
|
|
|
754
|
|
|
311
|
|
|
7,381
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for credit losses
|
|
450
|
|
|
(43)
|
|
|
(74)
|
|
|
(2)
|
|
|
331
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense
|
|
2,003
|
|
|
1,011
|
|
|
424
|
|
|
110
|
|
|
3,548
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations before income
taxes
|
|
1,852
|
|
|
1,043
|
|
|
404
|
|
|
203
|
|
|
3,502
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
(benefit)
|
|
438
|
|
|
247
|
|
|
95
|
|
|
316
|
|
|
1,096
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
1,414
|
|
|
$
|
796
|
|
|
$
|
309
|
|
|
$
|
(113)
|
|
|
$
|
2,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2019
|
|
Year Ended
December 31, 2019
|
(Dollars in
millions)
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking(6)
|
|
Other(6)
|
|
Total
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking(6)
|
|
Other(6)
|
|
Total
|
Net interest
income
|
|
$
|
3,794
|
|
|
$
|
1,662
|
|
|
$
|
494
|
|
|
$
|
116
|
|
|
$
|
6,066
|
|
|
$
|
14,461
|
|
|
$
|
6,732
|
|
|
$
|
1,983
|
|
|
$
|
164
|
|
|
$
|
23,340
|
|
Non-interest income
(loss)
|
|
1,030
|
|
|
152
|
|
|
223
|
|
|
(44)
|
|
|
1,361
|
|
|
3,888
|
|
|
643
|
|
|
831
|
|
|
(109)
|
|
|
5,253
|
|
Total net
revenue
|
|
4,824
|
|
|
1,814
|
|
|
717
|
|
|
72
|
|
|
7,427
|
|
|
18,349
|
|
|
7,375
|
|
|
2,814
|
|
|
55
|
|
|
28,593
|
|
Provision for credit
losses
|
|
1,421
|
|
|
335
|
|
|
62
|
|
|
—
|
|
|
1,818
|
|
|
4,992
|
|
|
938
|
|
|
306
|
|
|
—
|
|
|
6,236
|
|
Non-interest
expense
|
|
2,487
|
|
|
1,110
|
|
|
441
|
|
|
123
|
|
|
4,161
|
|
|
9,271
|
|
|
4,091
|
|
|
1,699
|
|
|
422
|
|
|
15,483
|
|
Income (loss) from
continuing operations before income
taxes
|
|
916
|
|
|
369
|
|
|
214
|
|
|
(51)
|
|
|
1,448
|
|
|
4,086
|
|
|
2,346
|
|
|
809
|
|
|
(367)
|
|
|
6,874
|
|
Income tax provision
(benefit)
|
|
212
|
|
|
86
|
|
|
50
|
|
|
(78)
|
|
|
270
|
|
|
959
|
|
|
547
|
|
|
188
|
|
|
(353)
|
|
|
1,341
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
704
|
|
|
$
|
283
|
|
|
$
|
164
|
|
|
$
|
27
|
|
|
$
|
1,178
|
|
|
$
|
3,127
|
|
|
$
|
1,799
|
|
|
$
|
621
|
|
|
$
|
(14)
|
|
|
$
|
5,533
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 10:
Financial & Statistical Summary—Credit Card
Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 Q4
vs.
|
|
Year Ended
December 31,
|
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
2020
vs.
|
(Dollars in
millions, except as noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2020
|
|
2019
|
|
2019
|
Credit
Card
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
3,413
|
|
|
$
|
3,292
|
|
|
$
|
3,369
|
|
|
$
|
3,702
|
|
|
$
|
3,794
|
|
|
4
|
%
|
|
(10)
|
%
|
|
$
|
13,776
|
|
|
$
|
14,461
|
|
|
(5)
|
%
|
Non-interest
income
|
|
1,054
|
|
|
1,013
|
|
|
845
|
|
|
911
|
|
|
1,030
|
|
|
4
|
|
|
2
|
|
|
3,823
|
|
|
3,888
|
|
|
(2)
|
|
Total net
revenue
|
|
4,467
|
|
|
4,305
|
|
|
4,214
|
|
|
4,613
|
|
|
4,824
|
|
|
4
|
|
|
(7)
|
|
|
17,599
|
|
|
18,349
|
|
|
(4)
|
|
Provision for credit
losses
|
|
231
|
|
|
450
|
|
|
2,944
|
|
|
3,702
|
|
|
1,421
|
|
|
(49)
|
|
|
(84)
|
|
|
7,327
|
|
|
4,992
|
|
|
47
|
|
Non-interest
expense
|
|
2,311
|
|
|
2,003
|
|
|
1,969
|
|
|
2,208
|
|
|
2,487
|
|
|
15
|
|
|
(7)
|
|
|
8,491
|
|
|
9,271
|
|
|
(8)
|
|
Income (loss) from
continuing operations before income taxes
|
|
1,925
|
|
|
1,852
|
|
|
(699)
|
|
|
(1,297)
|
|
|
916
|
|
|
4
|
|
|
110
|
|
|
1,781
|
|
|
4,086
|
|
|
(56)
|
|
Income tax provision
(benefit)
|
|
454
|
|
|
438
|
|
|
(166)
|
|
|
(306)
|
|
|
212
|
|
|
4
|
|
|
114
|
|
|
420
|
|
|
959
|
|
|
(56)
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
1,471
|
|
|
$
|
1,414
|
|
|
$
|
(533)
|
|
|
$
|
(991)
|
|
|
$
|
704
|
|
|
4
|
|
|
109
|
|
|
$
|
1,361
|
|
|
$
|
3,127
|
|
|
(56)
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment(1)(7)
|
|
$
|
106,956
|
|
|
$
|
103,641
|
|
|
$
|
107,310
|
|
|
$
|
117,797
|
|
|
$
|
128,236
|
|
|
3
|
|
|
(17)
|
|
|
$
|
106,956
|
|
|
$
|
128,236
|
|
|
(17)
|
|
Average loans held for
investment(1)
|
|
103,561
|
|
|
105,367
|
|
|
108,748
|
|
|
122,776
|
|
|
122,085
|
|
|
(2)
|
|
|
(15)
|
|
|
110,082
|
|
|
114,202
|
|
|
(4)
|
|
Average yield on loans
outstanding(8)
|
|
14.24
|
%
|
|
13.83
|
%
|
|
13.72
|
%
|
|
14.46
|
%
|
|
15.02
|
%
|
|
41
|
bps
|
|
(78)
|
bps
|
|
14.08
|
%
|
|
15.49
|
%
|
|
(141)
|
bps
|
Total net revenue
margin(9)
|
|
16.92
|
|
|
16.34
|
|
|
15.50
|
|
|
15.03
|
|
|
15.80
|
|
|
58
|
|
|
112
|
|
|
15.91
|
|
|
16.07
|
|
|
(16)
|
|
Net charge-off
rate
|
|
2.63
|
|
|
3.58
|
|
|
4.46
|
|
|
4.68
|
|
|
4.31
|
|
|
(95)
|
|
|
(168)
|
|
|
3.88
|
|
|
4.51
|
|
|
(63)
|
|
30+ day performing
delinquency rate
|
|
2.44
|
|
|
2.20
|
|
|
2.74
|
|
|
3.69
|
|
|
3.89
|
|
|
24
|
|
|
(145)
|
|
|
2.44
|
|
|
3.89
|
|
|
(145)
|
|
30+ day delinquency
rate
|
|
2.45
|
|
|
2.21
|
|
|
2.75
|
|
|
3.70
|
|
|
3.91
|
|
|
24
|
|
|
(146)
|
|
|
2.45
|
|
|
3.91
|
|
|
(146)
|
|
Nonperforming loan
rate(3)
|
|
0.02
|
|
|
0.02
|
|
|
0.02
|
|
|
0.02
|
|
|
0.02
|
|
|
—
|
|
|
—
|
|
|
0.02
|
|
|
0.02
|
|
|
—
|
|
Purchase
volume(10)
|
|
$
|
117,141
|
|
|
$
|
107,102
|
|
|
$
|
90,149
|
|
|
$
|
99,920
|
|
|
$
|
116,631
|
|
|
9
|
%
|
|
—
|
|
|
$
|
414,312
|
|
|
$
|
424,765
|
|
|
(2)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 Q4
vs.
|
|
Year Ended
December 31,
|
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
2020
vs.
|
(Dollars in
millions, except as noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2020
|
|
2019
|
|
2019
|
Domestic
Card
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
3,129
|
|
|
$
|
2,995
|
|
|
$
|
3,094
|
|
|
$
|
3,381
|
|
|
$
|
3,473
|
|
|
4
|
%
|
|
(10)
|
%
|
|
$
|
12,599
|
|
|
$
|
13,265
|
|
|
(5)
|
%
|
Non-interest
income
|
|
994
|
|
|
952
|
|
|
795
|
|
|
842
|
|
|
962
|
|
|
4
|
|
|
3
|
|
|
3,583
|
|
|
3,684
|
|
|
(3)
|
|
Total net
revenue
|
|
4,123
|
|
|
3,947
|
|
|
3,889
|
|
|
4,223
|
|
|
4,435
|
|
|
4
|
|
|
(7)
|
|
|
16,182
|
|
|
16,949
|
|
|
(5)
|
|
Provision for credit
losses
|
|
231
|
|
|
378
|
|
|
2,906
|
|
|
3,464
|
|
|
1,346
|
|
|
(39)
|
|
|
(83)
|
|
|
6,979
|
|
|
4,671
|
|
|
49
|
|
Non-interest
expense
|
|
2,063
|
|
|
1,802
|
|
|
1,776
|
|
|
1,984
|
|
|
2,249
|
|
|
14
|
|
|
(8)
|
|
|
7,625
|
|
|
8,308
|
|
|
(8)
|
|
Income (loss) from
continuing operations before income taxes
|
|
1,829
|
|
|
1,767
|
|
|
(793)
|
|
|
(1,225)
|
|
|
840
|
|
|
4
|
|
|
118
|
|
|
1,578
|
|
|
3,970
|
|
|
(60)
|
|
Income tax provision
(benefit)
|
|
433
|
|
|
419
|
|
|
(188)
|
|
|
(290)
|
|
|
196
|
|
|
3
|
|
|
121
|
|
|
374
|
|
|
925
|
|
|
(60)
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
1,396
|
|
|
$
|
1,348
|
|
|
$
|
(605)
|
|
|
$
|
(935)
|
|
|
$
|
644
|
|
|
4
|
|
|
117
|
|
|
$
|
1,204
|
|
|
$
|
3,045
|
|
|
(60)
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment(1)(7)
|
|
$
|
98,504
|
|
|
$
|
95,541
|
|
|
$
|
99,390
|
|
|
$
|
109,549
|
|
|
$
|
118,606
|
|
|
3
|
|
|
(17)
|
|
|
$
|
98,504
|
|
|
$
|
118,606
|
|
|
(17)
|
|
Average loans held for
investment(1)
|
|
95,453
|
|
|
97,306
|
|
|
100,996
|
|
|
113,711
|
|
|
112,965
|
|
|
(2)
|
|
|
(16)
|
|
|
101,837
|
|
|
105,270
|
|
|
(3)
|
|
Average yield on loans
outstanding(8)
|
|
14.07
|
%
|
|
13.57
|
%
|
|
13.52
|
%
|
|
14.30
|
%
|
|
14.91
|
%
|
|
50
|
bps
|
|
(84)
|
bps
|
|
13.88
|
%
|
|
15.47
|
%
|
|
(159)
|
bps
|
Total net revenue
margin(9)
|
|
16.91
|
|
|
16.22
|
|
|
15.40
|
|
|
14.86
|
|
|
15.70
|
|
|
69
|
|
|
121
|
|
|
15.80
|
|
|
16.10
|
|
|
(30)
|
|
Net charge-off
rate
|
|
2.69
|
|
|
3.64
|
|
|
4.53
|
|
|
4.68
|
|
|
4.32
|
|
|
(95)
|
|
|
(163)
|
|
|
3.93
|
|
|
4.58
|
|
|
(65)
|
|
30+ day performing
delinquency rate
|
|
2.42
|
|
|
2.21
|
|
|
2.74
|
|
|
3.69
|
|
|
3.93
|
|
|
21
|
|
|
(151)
|
|
|
2.42
|
|
|
3.93
|
|
|
(151)
|
|
Purchase
volume(10)
|
|
$
|
107,572
|
|
|
$
|
98,107
|
|
|
$
|
82,860
|
|
|
$
|
92,248
|
|
|
$
|
107,154
|
|
|
10
|
%
|
|
—
|
|
|
$
|
380,787
|
|
|
$
|
390,032
|
|
|
(2)
|
%
|
Refreshed FICO
scores:(11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater than
660
|
|
69
|
%
|
|
69
|
%
|
|
67
|
%
|
|
65
|
%
|
|
67
|
%
|
|
—
|
|
|
2
|
%
|
|
69
|
%
|
|
67
|
%
|
|
2
|
|
660 or
below
|
|
31
|
|
|
31
|
|
|
33
|
|
|
35
|
|
|
33
|
|
|
—
|
|
|
(2)
|
|
|
31
|
|
|
33
|
|
|
(2)
|
|
Total
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 11:
Financial & Statistical Summary—Consumer Banking
Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 Q4
vs.
|
|
Year Ended
December 31,
|
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
2020
vs.
|
(Dollars in
millions, except as noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2020
|
|
2019
|
|
2019
|
Consumer
Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
2,012
|
|
|
$
|
1,904
|
|
|
$
|
1,665
|
|
|
$
|
1,657
|
|
|
$
|
1,662
|
|
|
6
|
%
|
|
21
|
%
|
|
$
|
7,238
|
|
|
$
|
6,732
|
|
|
8
|
%
|
Non-interest
income
|
|
136
|
|
|
107
|
|
|
97
|
|
|
126
|
|
|
152
|
|
|
27
|
|
|
(11)
|
|
|
466
|
|
|
643
|
|
|
(28)
|
|
Total net
revenue
|
|
2,148
|
|
|
2,011
|
|
|
1,762
|
|
|
1,783
|
|
|
1,814
|
|
|
7
|
|
|
18
|
|
|
7,704
|
|
|
7,375
|
|
|
4
|
|
Provision (benefit)
for credit losses
|
|
60
|
|
|
(43)
|
|
|
876
|
|
|
860
|
|
|
335
|
|
|
**
|
|
|
(82)
|
|
|
1,753
|
|
|
938
|
|
|
87
|
|
Non-interest
expense
|
|
1,121
|
|
|
1,011
|
|
|
1,036
|
|
|
991
|
|
|
1,110
|
|
|
11
|
|
|
1
|
|
|
4,159
|
|
|
4,091
|
|
|
2
|
|
Income (loss) from
continuing operations before income taxes
|
|
967
|
|
|
1,043
|
|
|
(150)
|
|
|
(68)
|
|
|
369
|
|
|
(7)
|
|
|
162
|
|
|
1,792
|
|
|
2,346
|
|
|
(24)
|
|
Income tax provision
(benefit)
|
|
230
|
|
|
247
|
|
|
(36)
|
|
|
(16)
|
|
|
86
|
|
|
(7)
|
|
|
167
|
|
|
425
|
|
|
547
|
|
|
(22)
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
737
|
|
|
$
|
796
|
|
|
$
|
(114)
|
|
|
$
|
(52)
|
|
|
$
|
283
|
|
|
(7)
|
|
|
160
|
|
|
$
|
1,367
|
|
|
$
|
1,799
|
|
|
(24)
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
68,888
|
|
|
$
|
68,688
|
|
|
$
|
66,712
|
|
|
$
|
64,033
|
|
|
$
|
63,065
|
|
|
—
|
|
|
9
|
|
|
$
|
68,888
|
|
|
$
|
63,065
|
|
|
9
|
|
Average loans held for
investment
|
|
68,808
|
|
|
67,822
|
|
|
64,851
|
|
|
63,671
|
|
|
62,596
|
|
|
1
|
|
|
10
|
|
|
66,299
|
|
|
60,708
|
|
|
9
|
|
Average yield on loans
held for investment(8)
|
|
8.28
|
%
|
|
8.36
|
%
|
|
8.41
|
%
|
|
8.46
|
%
|
|
8.51
|
%
|
|
(8)
|
bps
|
|
(23)
|
bps
|
|
8.37
|
%
|
|
8.37
|
%
|
|
—
|
|
Auto loan
originations
|
|
$
|
7,371
|
|
|
$
|
8,979
|
|
|
$
|
8,292
|
|
|
$
|
7,640
|
|
|
$
|
7,527
|
|
|
(18)
|
%
|
|
(2)
|
%
|
|
$
|
32,282
|
|
|
$
|
29,251
|
|
|
10
|
%
|
Period-end
deposits
|
|
249,815
|
|
|
249,684
|
|
|
246,804
|
|
|
217,607
|
|
|
213,099
|
|
|
—
|
|
|
17
|
|
|
249,815
|
|
|
213,099
|
|
|
17
|
|
Average
deposits
|
|
249,419
|
|
|
248,418
|
|
|
232,293
|
|
|
215,071
|
|
|
209,783
|
|
|
—
|
|
|
19
|
|
|
236,369
|
|
|
205,012
|
|
|
15
|
|
Average deposits
interest rate
|
|
0.47
|
%
|
|
0.66
|
%
|
|
0.89
|
%
|
|
1.06
|
%
|
|
1.20
|
%
|
|
(19)
|
bps
|
|
(73)
|
bps
|
|
0.76
|
%
|
|
1.24
|
%
|
|
(48)
|
bps
|
Net charge-off
rate
|
|
0.53
|
|
|
0.28
|
|
|
1.19
|
|
|
1.54
|
|
|
1.93
|
|
|
25
|
|
|
(140)
|
|
|
0.87
|
|
|
1.56
|
|
|
(69)
|
|
30+ day performing
delinquency rate
|
|
4.62
|
|
|
3.62
|
|
|
3.16
|
|
|
5.12
|
|
|
6.63
|
|
|
100
|
|
|
(201)
|
|
|
4.62
|
|
|
6.63
|
|
|
(201)
|
|
30+ day delinquency
rate
|
|
5.00
|
|
|
3.90
|
|
|
3.48
|
|
|
5.65
|
|
|
7.34
|
|
|
110
|
|
|
(234)
|
|
|
5.00
|
|
|
7.34
|
|
|
(234)
|
|
Nonperforming loan
rate(3)
|
|
0.47
|
|
|
0.38
|
|
|
0.43
|
|
|
0.63
|
|
|
0.81
|
|
|
9
|
|
|
(34)
|
|
|
0.47
|
|
|
0.81
|
|
|
(34)
|
|
Nonperforming asset
rate(4)
|
|
0.54
|
|
|
0.43
|
|
|
0.46
|
|
|
0.71
|
|
|
0.91
|
|
|
11
|
|
|
(37)
|
|
|
0.54
|
|
|
0.91
|
|
|
(37)
|
|
Auto—At
origination FICO scores:(12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater than
660
|
|
46
|
%
|
|
46
|
%
|
|
46
|
%
|
|
47
|
%
|
|
48
|
%
|
|
—
|
|
|
(2)
|
%
|
|
46
|
%
|
|
48
|
%
|
|
(2)
|
%
|
621 - 660
|
|
20
|
|
|
20
|
|
|
20
|
|
|
20
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
20
|
|
|
—
|
|
620 or
below
|
|
34
|
|
|
34
|
|
|
34
|
|
|
33
|
|
|
32
|
|
|
—
|
|
|
2
|
|
|
34
|
|
|
32
|
|
|
2
|
|
Total
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 12:
Financial & Statistical Summary—Commercial Banking
Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 Q4
vs.
|
|
Year Ended
December 31,
|
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
2020
vs.
|
(Dollars in
millions, except as noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2020
|
|
2019
|
|
2019
|
Commercial
Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
522
|
|
|
$
|
517
|
|
|
$
|
518
|
|
|
$
|
491
|
|
|
$
|
494
|
|
|
1
|
%
|
|
6
|
%
|
|
$
|
2,048
|
|
|
$
|
1,983
|
|
|
3
|
%
|
Non-interest
income
|
|
268
|
|
|
237
|
|
|
180
|
|
|
238
|
|
|
223
|
|
|
13
|
|
|
20
|
|
|
923
|
|
|
831
|
|
|
11
|
|
Total net
revenue(6)
|
|
790
|
|
|
754
|
|
|
698
|
|
|
729
|
|
|
717
|
|
|
5
|
|
|
10
|
|
|
2,971
|
|
|
2,814
|
|
|
6
|
|
Provision (benefit)
for credit losses
|
|
(28)
|
|
|
(74)
|
|
|
427
|
|
|
856
|
|
|
62
|
|
|
(62)
|
|
|
**
|
|
|
1,181
|
|
|
306
|
|
|
286
|
|
Non-interest
expense
|
|
445
|
|
|
424
|
|
|
425
|
|
|
412
|
|
|
441
|
|
|
5
|
|
|
1
|
|
|
1,706
|
|
|
1,699
|
|
|
—
|
|
Income (loss) from
continuing operations before income taxes
|
|
373
|
|
|
404
|
|
|
(154)
|
|
|
(539)
|
|
|
214
|
|
|
(8)
|
|
|
74
|
|
|
84
|
|
|
809
|
|
|
(90)
|
|
Income tax provision
(benefit)
|
|
88
|
|
|
95
|
|
|
(36)
|
|
|
(128)
|
|
|
50
|
|
|
(7)
|
|
|
76
|
|
|
19
|
|
|
188
|
|
|
(90)
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
285
|
|
|
$
|
309
|
|
|
$
|
(118)
|
|
|
$
|
(411)
|
|
|
$
|
164
|
|
|
(8)
|
|
|
74
|
|
|
$
|
65
|
|
|
$
|
621
|
|
|
(90)
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
75,780
|
|
|
$
|
75,894
|
|
|
$
|
77,490
|
|
|
$
|
81,160
|
|
|
$
|
74,508
|
|
|
—
|
|
|
2
|
|
|
$
|
75,780
|
|
|
$
|
74,508
|
|
|
2
|
|
Average loans held for
investment
|
|
75,320
|
|
|
76,322
|
|
|
79,759
|
|
|
76,442
|
|
|
74,189
|
|
|
(1)
|
|
|
2
|
|
|
76,954
|
|
|
72,540
|
|
|
6
|
|
Average yield on loans
held for investment(6)(8)
|
|
2.83
|
%
|
|
2.82
|
%
|
|
3.00
|
%
|
|
3.88
|
%
|
|
4.22
|
%
|
|
1
|
bps
|
|
(139)
|
bps
|
|
3.13
|
%
|
|
4.51
|
%
|
|
(138)
|
bps
|
Period-end
deposits
|
|
$
|
39,590
|
|
|
$
|
36,783
|
|
|
$
|
35,669
|
|
|
$
|
32,822
|
|
|
$
|
32,134
|
|
|
8
|
%
|
|
23
|
%
|
|
$
|
39,590
|
|
|
$
|
32,134
|
|
|
23
|
%
|
Average
deposits
|
|
38,676
|
|
|
36,278
|
|
|
34,635
|
|
|
32,238
|
|
|
32,034
|
|
|
7
|
|
|
21
|
|
|
35,468
|
|
|
31,229
|
|
|
14
|
|
Average deposits
interest rate
|
|
0.23
|
%
|
|
0.25
|
%
|
|
0.30
|
%
|
|
0.89
|
%
|
|
1.10
|
%
|
|
(2)
|
bps
|
|
(87)
|
bps
|
|
0.40
|
%
|
|
1.18
|
%
|
|
(78)
|
bps
|
Net charge-off
rate
|
|
0.45
|
|
|
0.43
|
|
|
0.51
|
|
|
0.57
|
|
|
0.35
|
|
|
2
|
|
|
10
|
|
|
0.49
|
|
|
0.22
|
|
|
27
|
|
Nonperforming loan
rate(3)
|
|
0.86
|
|
|
1.01
|
|
|
0.85
|
|
|
0.61
|
|
|
0.60
|
|
|
(15)
|
|
|
26
|
|
|
0.86
|
|
|
0.60
|
|
|
26
|
|
Nonperforming asset
rate(4)
|
|
0.86
|
|
|
1.01
|
|
|
0.85
|
|
|
0.61
|
|
|
0.60
|
|
|
(15)
|
|
|
26
|
|
|
0.86
|
|
|
0.60
|
|
|
26
|
|
Risk
category:(13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncriticized
|
|
$
|
67,964
|
|
|
$
|
68,533
|
|
|
$
|
70,881
|
|
|
$
|
77,714
|
|
|
$
|
71,848
|
|
|
(1)
|
%
|
|
(5)
|
%
|
|
$
|
67,964
|
|
|
$
|
71,848
|
|
|
(5)
|
%
|
Criticized
performing
|
|
7,166
|
|
|
6,593
|
|
|
5,949
|
|
|
2,952
|
|
|
2,181
|
|
|
9
|
|
|
**
|
|
|
7,166
|
|
|
2,181
|
|
|
**
|
|
Criticized
nonperforming
|
|
650
|
|
|
768
|
|
|
660
|
|
|
494
|
|
|
448
|
|
|
(15)
|
|
|
45
|
|
|
650
|
|
|
448
|
|
|
45
|
|
PCI loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|
—
|
|
|
**
|
|
|
—
|
|
|
31
|
|
|
**
|
|
Total commercial
banking loans
|
|
$
|
75,780
|
|
|
$
|
75,894
|
|
|
$
|
77,490
|
|
|
$
|
81,160
|
|
|
$
|
74,508
|
|
|
—
|
|
|
2
|
|
|
$
|
75,780
|
|
|
$
|
74,508
|
|
|
2
|
|
Risk category as a
percentage of period-end loans held for
investment:(13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncriticized
|
|
89.6
|
%
|
|
90.3
|
%
|
|
91.4
|
%
|
|
95.8
|
%
|
|
96.5
|
%
|
|
(70)
|
bps
|
|
(690)
|
bps
|
|
89.6
|
%
|
|
96.5
|
%
|
|
(690)
|
bps
|
Criticized
performing
|
|
9.5
|
|
|
8.7
|
|
|
7.7
|
|
|
3.6
|
|
|
2.9
|
|
|
80
|
|
|
660
|
|
|
9.5
|
|
|
2.9
|
|
|
660
|
|
Criticized
nonperforming
|
|
0.9
|
|
|
1.0
|
|
|
0.9
|
|
|
0.6
|
|
|
0.6
|
|
|
(10)
|
|
|
30
|
|
|
0.9
|
|
|
0.6
|
|
|
30
|
|
Total commercial
banking loans
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 13:
Financial & Statistical Summary—Other and Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 Q4
vs.
|
|
Year Ended
December 31,
|
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
2020
vs.
|
(Dollars in
millions)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2020
|
|
2019
|
|
2019
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(loss)
|
|
$
|
(74)
|
|
|
$
|
(158)
|
|
|
$
|
(92)
|
|
|
$
|
175
|
|
|
$
|
116
|
|
|
(53)
|
%
|
|
**
|
|
|
$
|
(149)
|
|
|
$
|
164
|
|
|
**
|
|
Non-interest income
(loss)
|
|
6
|
|
|
469
|
|
|
(26)
|
|
|
(51)
|
|
|
(44)
|
|
|
(99)
|
|
|
**
|
|
|
398
|
|
|
(109)
|
|
|
**
|
|
Total net revenue
(loss)(6)
|
|
(68)
|
|
|
311
|
|
|
(118)
|
|
|
124
|
|
|
72
|
|
|
**
|
|
|
**
|
|
|
249
|
|
|
55
|
|
|
**
|
|
Provision (benefit)
for credit losses
|
|
1
|
|
|
(2)
|
|
|
(1)
|
|
|
5
|
|
|
—
|
|
|
**
|
|
|
**
|
|
|
3
|
|
|
—
|
|
|
**
|
|
Non-interest
expense(14)(15)
|
|
132
|
|
|
110
|
|
|
340
|
|
|
118
|
|
|
123
|
|
|
20
|
|
|
7
|
%
|
|
700
|
|
|
422
|
|
|
66
|
%
|
Income (loss) from
continuing operations before income taxes
|
|
(201)
|
|
|
203
|
|
|
(457)
|
|
|
1
|
|
|
(51)
|
|
|
**
|
|
|
**
|
|
|
(454)
|
|
|
(367)
|
|
|
24
|
|
Income tax provision
(benefit)
|
|
(276)
|
|
|
316
|
|
|
(305)
|
|
|
(113)
|
|
|
(78)
|
|
|
**
|
|
|
254
|
|
|
(378)
|
|
|
(353)
|
|
|
7
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
75
|
|
|
$
|
(113)
|
|
|
$
|
(152)
|
|
|
$
|
114
|
|
|
$
|
27
|
|
|
**
|
|
|
178
|
|
|
$
|
(76)
|
|
|
$
|
(14)
|
|
|
**
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end
deposits
|
|
$
|
16,037
|
|
|
$
|
19,258
|
|
|
$
|
21,765
|
|
|
$
|
19,260
|
|
|
$
|
17,464
|
|
|
(17)
|
|
|
(8)
|
|
|
$
|
16,037
|
|
|
$
|
17,464
|
|
|
(8)
|
|
Average
deposits
|
|
16,418
|
|
|
20,820
|
|
|
21,416
|
|
|
17,344
|
|
|
18,223
|
|
|
(21)
|
|
|
(10)
|
|
|
18,998
|
|
|
18,824
|
|
|
1
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
5,873
|
|
|
$
|
5,555
|
|
|
$
|
5,460
|
|
|
$
|
6,025
|
|
|
$
|
6,066
|
|
|
6
|
%
|
|
(3)
|
%
|
|
$
|
22,913
|
|
|
$
|
23,340
|
|
|
(2)
|
%
|
Non-interest
income
|
|
1,464
|
|
|
1,826
|
|
|
1,096
|
|
|
1,224
|
|
|
1,361
|
|
|
(20)
|
|
|
8
|
|
|
5,610
|
|
|
5,253
|
|
|
7
|
|
Total net
revenue
|
|
7,337
|
|
|
7,381
|
|
|
6,556
|
|
|
7,249
|
|
|
7,427
|
|
|
(1)
|
|
|
(1)
|
|
|
28,523
|
|
|
28,593
|
|
|
—
|
|
Provision for credit
losses
|
|
264
|
|
|
331
|
|
|
4,246
|
|
|
5,423
|
|
|
1,818
|
|
|
(20)
|
|
|
(85)
|
|
|
10,264
|
|
|
6,236
|
|
|
65
|
|
Non-interest
expense
|
|
4,009
|
|
|
3,548
|
|
|
3,770
|
|
|
3,729
|
|
|
4,161
|
|
|
13
|
|
|
(4)
|
|
|
15,056
|
|
|
15,483
|
|
|
(3)
|
|
Income (loss) from
continuing operations before income taxes
|
|
3,064
|
|
|
3,502
|
|
|
(1,460)
|
|
|
(1,903)
|
|
|
1,448
|
|
|
(13)
|
|
|
112
|
|
|
3,203
|
|
|
6,874
|
|
|
(53)
|
|
Income tax provision
(benefit)
|
|
496
|
|
|
1,096
|
|
|
(543)
|
|
|
(563)
|
|
|
270
|
|
|
(55)
|
|
|
84
|
|
|
486
|
|
|
1,341
|
|
|
(64)
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
2,568
|
|
|
$
|
2,406
|
|
|
$
|
(917)
|
|
|
$
|
(1,340)
|
|
|
$
|
1,178
|
|
|
7
|
|
|
118
|
|
|
$
|
2,717
|
|
|
$
|
5,533
|
|
|
(51)
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
251,624
|
|
|
$
|
248,223
|
|
|
$
|
251,512
|
|
|
$
|
262,990
|
|
|
$
|
265,809
|
|
|
1
|
|
|
(5)
|
|
|
$
|
251,624
|
|
|
$
|
265,809
|
|
|
(5)
|
|
Average loans held for
investment
|
|
247,689
|
|
|
249,511
|
|
|
253,358
|
|
|
262,889
|
|
|
258,870
|
|
|
(1)
|
|
|
(4)
|
|
|
253,335
|
|
|
247,450
|
|
|
2
|
|
Period-end
deposits
|
|
305,442
|
|
|
305,725
|
|
|
304,238
|
|
|
269,689
|
|
|
262,697
|
|
|
—
|
|
|
16
|
|
|
305,442
|
|
|
262,697
|
|
|
16
|
|
Average
deposits
|
|
304,513
|
|
|
305,516
|
|
|
288,344
|
|
|
264,653
|
|
|
260,040
|
|
|
—
|
|
|
17
|
|
|
290,835
|
|
|
255,065
|
|
|
14
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 14: Notes to
Loan, Allowance and Business Segment Disclosures (Tables
7—13)
|
|
|
(1)
|
Concurrent with our
adoption of the CECL standard in the first quarter of 2020, we
reclassified our finance charge and fee reserve to our allowance
for credit losses, with a
corresponding increase to credit card loans held for
investment.
|
(2)
|
Metrics for Q4 2020,
Q3 2020, Q2 2020 and Q1 2020 include the impact of COVID-19
customer assistance programs where applicable.
|
(3)
|
Nonperforming loan
rates are calculated based on nonperforming loans for each category
divided by period-end total loans held for investment for each
respective category.
|
(4)
|
Nonperforming assets
consist of nonperforming loans, repossessed assets and other
foreclosed assets. The total nonperforming asset rate is calculated
based on total
nonperforming assets divided by the combined period-end total loans
held for investment, repossessed assets and other foreclosed
assets.
|
(5)
|
Represents foreign
currency translation adjustments.
|
(6)
|
Some of our
commercial investments generate tax-exempt income, tax credits or
other tax benefits. Accordingly, we present our Commercial Banking
revenue and yields on a
taxable-equivalent basis, calculated using the federal statutory
tax rate of 21% and state taxes where applicable, with offsetting
reductions to the Other category.
|
(7)
|
We reclassified
$2.1 billion in partnership loans to held for sale as of
September 30, 2020.
|
(8)
|
Average yield is
calculated based on annualized interest income for the period
divided by average loans during the period. Annualized interest
income does not include any
allocations, such as funds transfer pricing.
|
(9)
|
Total net revenue
margin is calculated based on annualized total net revenue for the
period divided by average loans outstanding during the
period.
|
(10)
|
Purchase volume
consists of purchase transactions, net of returns, for the period,
and excludes cash advance and balance transfer
transactions.
|
(11)
|
Percentages represent
period-end loans held for investment in each credit score category.
Domestic card credit scores generally represent FICO scores. These
scores are
obtained from one of the major credit bureaus at origination and
are refreshed monthly thereafter. We approximate non-FICO credit
scores to comparable FICO scores for
consistency purposes. Balances for which no credit score is
available or the credit score is invalid are included in the 660 or
below category.
|
(12)
|
Percentages represent
period-end loans held for investment in each credit score category.
Auto credit scores generally represent average FICO scores obtained
from three credit
bureaus at the time of application and are not refreshed
thereafter. Balances for which no credit score is available or the
credit score is invalid are included in the 620 or below
category.
|
(13)
|
Criticized exposures
correspond to the "Special Mention," "Substandard" and "Doubtful"
asset categories defined by bank regulatory authorities.
|
(14)
|
Includes charges
incurred as a result of restructuring activities.
|
(15)
|
Includes net
Cybersecurity Incident expenses of $6 million in Q4 2020, $6
million in Q3 2020, $11 million in Q2 2020, $4 million in Q1 2020
and $16 million in Q4 2019, respectively.
|
**
|
Not
meaningful.
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 15:
Calculation of Regulatory Capital Measures and Reconciliation of
Non-GAAP Measures(1)
|
|
|
|
Basel III
Standardized Approach
|
(Dollars in
millions, except as noted)
|
|
December
31,
2020
|
|
September
30,
2020
|
|
June 30,
2020
|
|
March 31,
2020
|
|
December
31,
2019
|
Regulatory Capital
Metrics
|
|
|
|
|
|
|
|
|
|
|
Common equity
excluding AOCI
|
|
$
|
55,299
|
|
|
$
|
52,839
|
|
|
$
|
50,614
|
|
|
$
|
51,018
|
|
|
$
|
52,001
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
AOCI, net of
tax(2)
|
|
(29)
|
|
|
(122)
|
|
|
(145)
|
|
|
(170)
|
|
|
1,156
|
|
Goodwill, net of
related deferred tax liabilities
|
|
(14,448)
|
|
|
(14,448)
|
|
|
(14,449)
|
|
|
(14,453)
|
|
|
(14,465)
|
|
Intangible assets, net
of related deferred tax liabilities
|
|
(86)
|
|
|
(95)
|
|
|
(135)
|
|
|
(151)
|
|
|
(170)
|
|
Other(2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(360)
|
|
Common equity Tier 1
capital
|
|
$
|
40,736
|
|
|
$
|
38,174
|
|
|
$
|
35,885
|
|
|
$
|
36,244
|
|
|
$
|
38,162
|
|
Tier 1
capital
|
|
$
|
45,583
|
|
|
$
|
43,505
|
|
|
$
|
41,094
|
|
|
$
|
41,453
|
|
|
$
|
43,015
|
|
Total
capital(3)
|
|
52,783
|
|
|
50,955
|
|
|
48,508
|
|
|
48,775
|
|
|
50,350
|
|
Risk-weighted
assets
|
|
297,483
|
|
|
293,852
|
|
|
290,222
|
|
|
302,871
|
|
|
313,155
|
|
Adjusted average
assets(4)
|
|
406,762
|
|
|
409,602
|
|
|
398,062
|
|
|
377,360
|
|
|
368,511
|
|
Capital
Ratios
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1
capital(5)
|
|
13.7
|
%
|
|
13.0
|
%
|
|
12.4
|
%
|
|
12.0
|
%
|
|
12.2
|
%
|
Tier 1
capital(6)
|
|
15.3
|
|
|
14.8
|
|
|
14.2
|
|
|
13.7
|
|
|
13.7
|
|
Total
capital(7)
|
|
17.7
|
|
|
17.3
|
|
|
16.7
|
|
|
16.1
|
|
|
16.1
|
|
Tier 1
leverage(4)
|
|
11.2
|
|
|
10.6
|
|
|
10.3
|
|
|
11.0
|
|
|
11.7
|
|
Tangible common
equity ("TCE")(8)
|
|
10.0
|
|
|
9.4
|
|
|
8.8
|
|
|
9.6
|
|
|
10.2
|
|
Reconciliation of
Non-GAAP Measures
|
|
The following
non-GAAP measures consist of our adjusted results that we believe
help investors and users of our financial information understand
the effect of adjusting items
on our selected
reported results. These adjusted results provide alternate
measurements of our operating performance, both for the current
period and trends across multiple
periods. The
following tables present reconciliations of these non-GAAP measures
to the applicable amounts measured in accordance with
GAAP.
|
|
|
2020
|
|
2019
|
|
Year Ended
December 31,
|
(Dollars in
millions, except per share data and as noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
2020
|
|
2019
|
Adjusted diluted
EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
available to common stockholders (GAAP)
|
|
$
|
2,462
|
|
|
$
|
2,319
|
|
|
$
|
(1,009)
|
|
|
$
|
(1,420)
|
|
|
$
|
1,041
|
|
|
$
|
1,270
|
|
|
$
|
1,533
|
|
|
$
|
1,348
|
|
|
$
|
2,375
|
|
|
$
|
5,192
|
|
Legal reserve
activity, including insurance recoveries
|
|
(37)
|
|
|
40
|
|
|
265
|
|
|
45
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
313
|
|
|
—
|
|
U.K. Payment
Protection Insurance customer refund reserve ("U.K. PPI
Reserve")
|
|
—
|
|
|
(36)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
212
|
|
|
—
|
|
|
—
|
|
|
(36)
|
|
|
212
|
|
Cybersecurity Incident
expenses, net of insurance
|
|
6
|
|
|
6
|
|
|
11
|
|
|
4
|
|
|
16
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
38
|
|
Initial allowance
build on acquired Walmart portfolio
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
84
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
84
|
|
Walmart launch and
related integration expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48
|
|
|
84
|
|
|
54
|
|
|
25
|
|
|
—
|
|
|
211
|
|
Restructuring
charges
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
28
|
|
Adjusted net income
(loss) available to common stockholders before
income tax impacts (non-GAAP)
|
|
2,431
|
|
|
2,329
|
|
|
(733)
|
|
|
(1,371)
|
|
|
1,189
|
|
|
1,588
|
|
|
1,615
|
|
|
1,373
|
|
|
2,679
|
|
|
5,765
|
|
Income tax
impacts
|
|
5
|
|
|
(12)
|
|
|
(3)
|
|
|
(12)
|
|
|
(35)
|
|
|
(21)
|
|
|
(19)
|
|
|
(6)
|
|
|
(22)
|
|
|
(81)
|
|
Dividends and
undistributed earnings allocated to participating
securities(9)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
(2)
|
|
|
(1)
|
|
|
—
|
|
|
(2)
|
|
|
(3)
|
|
Adjusted net income
(loss) available to common stockholders (non-GAAP)
|
|
$
|
2,436
|
|
|
$
|
2,317
|
|
|
$
|
(736)
|
|
|
$
|
(1,383)
|
|
|
$
|
1,153
|
|
|
$
|
1,565
|
|
|
$
|
1,595
|
|
|
$
|
1,367
|
|
|
$
|
2,655
|
|
|
$
|
5,681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
weighted-average common shares outstanding (in millions)
(GAAP)
|
|
460.2
|
|
|
458.5
|
|
|
456.7
|
|
|
457.6
|
|
|
463.4
|
|
|
471.8
|
|
|
473.0
|
|
|
471.6
|
|
|
458.9
|
|
|
469.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
(GAAP)
|
|
$
|
5.35
|
|
|
$
|
5.06
|
|
|
$
|
(2.21)
|
|
|
$
|
(3.10)
|
|
|
$
|
2.25
|
|
|
$
|
2.69
|
|
|
$
|
3.24
|
|
|
$
|
2.86
|
|
|
$
|
5.18
|
|
|
$
|
11.05
|
|
Impact of adjustments
noted above
|
|
(0.06)
|
|
|
(0.01)
|
|
|
0.60
|
|
|
0.08
|
|
|
0.24
|
|
|
0.63
|
|
|
0.13
|
|
|
0.04
|
|
|
0.61
|
|
|
1.04
|
|
Adjusted diluted
EPS
|
|
$
|
5.29
|
|
|
$
|
5.05
|
|
|
$
|
(1.61)
|
|
|
$
|
(3.02)
|
|
|
$
|
2.49
|
|
|
$
|
3.32
|
|
|
$
|
3.37
|
|
|
$
|
2.90
|
|
|
$
|
5.79
|
|
|
$
|
12.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
efficiency ratio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
(GAAP)
|
|
$
|
4,009
|
|
|
$
|
3,548
|
|
|
$
|
3,770
|
|
|
$
|
3,729
|
|
|
$
|
4,161
|
|
|
$
|
3,872
|
|
|
$
|
3,779
|
|
|
$
|
3,671
|
|
|
$
|
15,056
|
|
|
$
|
15,483
|
|
Legal reserve
activity, including insurance recoveries
|
|
37
|
|
|
(40)
|
|
|
(265)
|
|
|
(45)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(313)
|
|
|
—
|
|
Cybersecurity Incident
expenses, net of insurance
|
|
(6)
|
|
|
(6)
|
|
|
(11)
|
|
|
(4)
|
|
|
(16)
|
|
|
(22)
|
|
|
—
|
|
|
—
|
|
|
(27)
|
|
|
(38)
|
|
Walmart launch and
related integration expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(48)
|
|
|
(84)
|
|
|
(54)
|
|
|
(25)
|
|
|
—
|
|
|
(211)
|
|
U.K. PPI
Reserve
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(72)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(72)
|
|
Restructuring
charges
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27)
|
|
|
—
|
|
|
—
|
|
|
(27)
|
|
Adjusted non-interest
expense (non-GAAP)
|
|
$
|
4,040
|
|
|
$
|
3,502
|
|
|
$
|
3,494
|
|
|
$
|
3,680
|
|
|
$
|
4,097
|
|
|
$
|
3,694
|
|
|
$
|
3,698
|
|
|
$
|
3,646
|
|
|
$
|
14,716
|
|
|
$
|
15,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenue
(GAAP)
|
|
$
|
7,337
|
|
|
$
|
7,381
|
|
|
$
|
6,556
|
|
|
$
|
7,249
|
|
|
$
|
7,427
|
|
|
$
|
6,959
|
|
|
$
|
7,124
|
|
|
$
|
7,083
|
|
|
$
|
28,523
|
|
|
$
|
28,593
|
|
U.K. PPI
Reserve
|
|
—
|
|
|
(36)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
140
|
|
|
—
|
|
|
—
|
|
|
(36)
|
|
|
140
|
|
Restructuring
charges
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
Adjusted net revenue
(non-GAAP)
|
|
$
|
7,337
|
|
|
$
|
7,345
|
|
|
$
|
6,556
|
|
|
$
|
7,249
|
|
|
$
|
7,427
|
|
|
$
|
7,099
|
|
|
$
|
7,125
|
|
|
$
|
7,083
|
|
|
$
|
28,487
|
|
|
$
|
28,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
efficiency ratio
|
|
55.06
|
%
|
|
47.68
|
%
|
|
53.29
|
%
|
|
50.77
|
%
|
|
55.16
|
%
|
|
52.04
|
%
|
|
51.90
|
%
|
|
51.48
|
%
|
|
51.66
|
%
|
|
52.67
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
2019
|
|
Year Ended
December 31,
|
(Dollars in
millions, except per share data and as noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
2020
|
|
2019
|
Adjusted operating
efficiency ratio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expense
(GAAP)
|
|
$
|
3,446
|
|
|
$
|
3,265
|
|
|
$
|
3,497
|
|
|
$
|
3,238
|
|
|
$
|
3,451
|
|
|
$
|
3,371
|
|
|
$
|
3,233
|
|
|
$
|
3,154
|
|
|
$
|
13,446
|
|
|
$
|
13,209
|
|
Legal reserve
activity, including insurance recoveries
|
|
37
|
|
|
(40)
|
|
|
(265)
|
|
|
(45)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(313)
|
|
|
—
|
|
Cybersecurity Incident
expenses, net of insurance
|
|
(6)
|
|
|
(6)
|
|
|
(11)
|
|
|
(4)
|
|
|
(16)
|
|
|
(22)
|
|
|
—
|
|
|
—
|
|
|
(27)
|
|
|
(38)
|
|
Walmart launch and
related integration expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(48)
|
|
|
(84)
|
|
|
(54)
|
|
|
(25)
|
|
|
—
|
|
|
(211)
|
|
U.K. PPI
Reserve
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(72)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(72)
|
|
Restructuring
charges
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27)
|
|
|
—
|
|
|
—
|
|
|
(27)
|
|
Adjusted operating
expense (non-GAAP)
|
|
$
|
3,477
|
|
|
$
|
3,219
|
|
|
$
|
3,221
|
|
|
$
|
3,189
|
|
|
$
|
3,387
|
|
|
$
|
3,193
|
|
|
$
|
3,152
|
|
|
$
|
3,129
|
|
|
$
|
13,106
|
|
|
$
|
12,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net revenue
(non-GAAP)
|
|
$
|
7,337
|
|
|
$
|
7,345
|
|
|
$
|
6,556
|
|
|
$
|
7,249
|
|
|
$
|
7,427
|
|
|
$
|
7,099
|
|
|
$
|
7,125
|
|
|
$
|
7,083
|
|
|
$
|
28,487
|
|
|
$
|
28,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
efficiency ratio
|
|
47.39
|
%
|
|
43.83
|
%
|
|
49.13
|
%
|
|
43.99
|
%
|
|
45.60
|
%
|
|
44.98
|
%
|
|
44.24
|
%
|
|
44.18
|
%
|
|
46.01
|
%
|
|
44.76
|
%
|
Reconciliation of
Non-GAAP Measures
|
|
The following
non-GAAP measures consist of TCE, tangible assets and metrics
computed using these amounts, which include tangible book value per
common share, return on average tangible assets, return on
average
TCE and TCE ratio. We consider these metrics to be key financial
performance measures that management uses in assessing capital
adequacy and the level of returns generated. While our non-GAAP
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. The following
tables present reconciliations of these non-GAAP measures to the
applicable amounts measured in accordance with GAAP.
|
|
|
|
2020
|
|
2020
|
|
2020
|
|
2020
|
|
2019
|
(Dollars in
millions)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
Tangible Common
Equity (Period-End)
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
$
|
60,204
|
|
|
$
|
58,424
|
|
|
$
|
56,045
|
|
|
$
|
56,830
|
|
|
$
|
58,011
|
|
Goodwill and
intangible assets(10)
|
|
(14,809)
|
|
|
(14,825)
|
|
|
(14,869)
|
|
|
(14,888)
|
|
|
(14,932)
|
|
Noncumulative
perpetual preferred stock
|
|
(4,847)
|
|
|
(5,330)
|
|
|
(5,209)
|
|
|
(5,209)
|
|
|
(4,853)
|
|
Tangible common
equity
|
|
$
|
40,548
|
|
|
$
|
38,269
|
|
|
$
|
35,967
|
|
|
$
|
36,733
|
|
|
$
|
38,226
|
|
Tangible Common
Equity (Average)
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
$
|
59,389
|
|
|
$
|
57,223
|
|
|
$
|
57,623
|
|
|
$
|
58,568
|
|
|
$
|
58,148
|
|
Goodwill and
intangible assets(10)
|
|
(14,824)
|
|
|
(14,867)
|
|
|
(14,880)
|
|
|
(14,930)
|
|
|
(14,967)
|
|
Noncumulative
perpetual preferred stock
|
|
(5,168)
|
|
|
(5,228)
|
|
|
(5,209)
|
|
|
(5,382)
|
|
|
(5,506)
|
|
Tangible common
equity
|
|
$
|
39,397
|
|
|
$
|
37,128
|
|
|
$
|
37,534
|
|
|
$
|
38,256
|
|
|
$
|
37,675
|
|
Tangible Assets
(Period-End)
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
421,602
|
|
|
$
|
421,883
|
|
|
$
|
421,296
|
|
|
$
|
396,878
|
|
|
$
|
390,365
|
|
Goodwill and
intangible assets(10)
|
|
(14,809)
|
|
|
(14,825)
|
|
|
(14,869)
|
|
|
(14,888)
|
|
|
(14,932)
|
|
Tangible
assets
|
|
$
|
406,793
|
|
|
$
|
407,058
|
|
|
$
|
406,427
|
|
|
$
|
381,990
|
|
|
$
|
375,433
|
|
Tangible Assets
(Average)
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
420,011
|
|
|
$
|
422,854
|
|
|
$
|
411,075
|
|
|
$
|
390,380
|
|
|
$
|
383,162
|
|
Goodwill and
intangible assets(10)
|
|
(14,824)
|
|
|
(14,867)
|
|
|
(14,880)
|
|
|
(14,930)
|
|
|
(14,967)
|
|
Tangible
assets
|
|
$
|
405,187
|
|
|
$
|
407,987
|
|
|
$
|
396,195
|
|
|
$
|
375,450
|
|
|
$
|
368,195
|
|
__________
|
|
(1)
Regulatory capital metrics and capital ratios as of December 31,
2020 are preliminary and therefore subject to change.
|
|
(2)
In the first quarter of 2020, we elected to exclude from our
regulatory capital ratios certain components of AOCI as permitted
under the Tailoring Rules. As such, we revised our presentation
herein to only include
those
components of AOCI that impact our regulatory capital
ratios.
|
(3)
Total capital equals the sum of Tier 1 capital and Tier 2
capital.
|
(4)
Adjusted average assets for the purpose of calculating our Tier 1
leverage ratio represents total average assets adjusted for amounts
that are deducted from Tier 1 capital, predominately goodwill and
intangible
assets.
Tier 1 leverage ratio is a regulatory capital measure calculated
based on Tier 1 capital divided by adjusted average
assets.
|
(5)
Common equity Tier 1 capital ratio is a regulatory capital measure
calculated based on common equity Tier 1 capital divided by
risk-weighted assets.
|
(6)
Tier 1 capital ratio is a regulatory capital measure calculated
based on Tier 1 capital divided by risk-weighted assets.
|
(7)
Total capital ratio is a regulatory capital measure calculated
based on total capital divided by risk-weighted assets.
|
(8)
TCE ratio is a non-GAAP measure calculated based on TCE divided by
tangible assets.
|
(9)
Dividends and undistributed earnings allocated to participating
securities and earnings per share are computed independently for
each period. Accordingly, the sum of each quarterly amount may not
agree to the
year-to-date
total.
|
(10) Includes
impact of related deferred taxes.
|
View original
content:http://www.prnewswire.com/news-releases/capital-one-reports-fourth-quarter-2020-net-income-of-2-6-billion-or-5-35-per-share-301215574.html
SOURCE Capital One Financial Corporation