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Capital One Reports Second Quarter 2024 Net Income of $597 Million, or $1.38 Per Share

Net of adjusting items, Second Quarter 2024 Net Income of $3.14 per share(1)

Capital One Financial Corporation (NYSE: COF) today announced net income for the second quarter of 2024 of $597 million, or $1.38 per diluted common share, compared with net income of $1.3 billion, or $3.13 per diluted common share in the first quarter of 2024, and with net income of $1.4 billion, or $3.52 per diluted common share in the second quarter of 2023. Adjusted net income(1) for the second quarter of 2024 was $3.14 per diluted common share.

"We posted strong second quarter results while continuing to lean into opportunities to grow and further strengthen our domestic card and national consumer banking franchises," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. "And we’re “all in” and working hard to complete the Discover acquisition, which will create a consumer banking and global payments platform with the potential to enhance competition, deliver compelling financial results, and create significant value for merchants, small businesses, and consumers."

The quarter included the following adjusting items:

Pre-Tax

After-Tax

Diluted EPS

(Dollars in millions, except per share data)

Impact

Impact

Allowance build for Walmart program agreement loss sharing termination

$

826

$

1.63

Walmart program agreement termination contra revenue impact

$

27

$

0.05

Discover integration expenses

$

31

$

0.06

FDIC special assessment

$

8

$

0.02

All comparisons below are for the second quarter of 2024 compared with the first quarter of 2024 unless otherwise noted.

Second Quarter 2024 Income Statement Summary:

  • Total net revenue increased 1 percent to $9.5 billion.
  • Total non-interest expense decreased 4 percent to $4.9 billion:
    • 5 percent increase in marketing.
    • 6 percent decrease in operating expenses.
  • Pre-provision earnings(2) increased 7 percent to $4.6 billion.
  • Provision for credit losses increased $1.2 billion to $3.9 billion:
    • Net charge-offs of $2.6 billion.
    • $1.3 billion loan reserve build.
  • Net interest margin of 6.70 percent, an increase of 1 basis point.
  • Efficiency ratio of 52.03 percent.
    • Adjusted efficiency ratio(1) of 51.47 percent.
  • Operating efficiency ratio of 40.84 percent.
    • Adjusted operating efficiency ratio(1) of 40.31 percent.

Second Quarter 2024 Balance Sheet Summary:

  • Common equity Tier 1 capital ratio(3) under Basel III Standardized Approach of 13.2 percent at June 30, 2024.
  • Period-end loans held for investment in the quarter increased $3.0 billion, or 1 percent, to $318.2 billion.
    • Credit Card period-end loans increased $3.3 billion, or 2 percent, to $153.9 billion.
      • Domestic Card period-end loans increased $3.2 billion, or 2 percent, to $147.1 billion.
    • Consumer Banking period-end loans increased $564 million, or 1 percent, to $75.7 billion.
      • Auto period-end loans increased $584 million, or 1 percent, to $74.4 billion.
    • Commercial Banking period-end loans decreased $833 million, or 1 percent, to $88.6 billion.
  • Average loans held for investment in the quarter increased $274 million, or less than 1 percent, to $314.9 billion.
    • Credit Card average loans increased $822 million, or 1 percent, to $150.5 billion.
      • Domestic Card average loans increased $857 million, or 1 percent, to $143.7 billion.
    • Consumer Banking average loans increased $294 million, or less than 1 percent, to $75.4 billion.
      • Auto average loans increased $330 million, or less than 1% percent, to $74.1 billion.
    • Commercial Banking average loans decreased $842 million, or 1 percent, to $89.0 billion.
  • Period-end total deposits increased $473 million, or less than 1 percent, to $351.4 billion, while average deposits increased $3.8 billion, or 1 percent, to $349.5 billion.
  • Interest-bearing deposits rate paid increased 3 basis points to 3.56 percent.

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on July 23, 2024 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 August 6, 2024 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. Forward-looking statements often use words such as “will,” “anticipate,” “target,” “expect,” “think,” “estimate,” “intend,” “plan,” “goal,” “believe,” “forecast,” “outlook” or other words of similar meaning. Any forward-looking statements made by Capital One or on its behalf speak only as of the date they are made or as of the date indicated, and Capital One does not undertake any obligation to update forward-looking statements as a result of new information, future events or otherwise. 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. For additional information on factors that could materially influence forward-looking statements included in this earnings press release, see the risk factors set forth under “Part I—Item 1A. Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”) and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $351.4 billion in deposits and $480.0 billion in total assets as of June 30, 2024. 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 and Cafés located primarily in New York, Louisiana, Texas, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.

(1) This is a non-GAAP measure. We believe non-GAAP measures 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 our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on July 23, 2024 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures.

(2) Pre-provision earnings is a non-GAAP metric calculated based on total net revenue less non-interest expense for the period. Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on July 23, 2024 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures.

(3) Regulatory capital metrics as of June 30, 2024 are preliminary and therefore subject to change.

 

Capital One Financial Corporation

Financial Supplement(1)(2)

Second Quarter 2024

Table of Contents

Capital One Financial Corporation Consolidated Results

Page

 

Table 1:

Financial Summary—Consolidated

1

 

Table 2:

Selected Metrics—Consolidated

3

 

Table 3:

Consolidated Statements of Income

4

 

Table 4:

Consolidated Balance Sheets

6

 

Table 5:

Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)

8

 

Table 6:

Average Balances, Net Interest Income and Net Interest Margin

9

 

Table 7:

Loan Information and Performance Statistics

10

 

Table 8:

Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity

12

Business Segment Results

 

 

Table 9:

Financial Summary—Business Segment Results

13

 

Table 10:

Financial & Statistical Summary—Credit Card Business

14

 

Table 11:

Financial & Statistical Summary—Consumer Banking Business

16

 

Table 12:

Financial & Statistical Summary—Commercial Banking Business

17

 

Table 13:

Financial & Statistical Summary—Other and Total

18

Other

 

 

Table 14:

Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)

19

 

Table 15:

Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures

20

____________
(1)

The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation. Investors should refer to our Quarterly Report on Form 10-Q for the period ended June 30, 2024 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. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation of any non-GAAP financial measures.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 1: Financial Summary—Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

2024 Q2

 

Six Months Ended June 30,

(Dollars in millions, except per share data and as noted)

 

2024

 

2024

 

2023

 

2023

 

2023

 

2024

 

2023

 

 

 

 

 

2024 vs.

 

Q2

 

Q1

 

Q4

 

Q3

 

Q2

 

Q1

 

Q2

 

2024

 

2023

 

2023

Income Statement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

7,546

 

 

$

7,488

 

 

$

7,519

 

 

$

7,423

 

 

$

7,113

 

 

1

%

 

6

%

 

$

15,034

 

 

$

14,299

 

 

5

%

Non-interest income

 

 

1,960

 

 

 

1,914

 

 

 

1,987

 

 

 

1,943

 

 

 

1,899

 

 

2

 

 

3

 

 

 

3,874

 

 

 

3,616

 

 

7

 

Total net revenue(1)

 

 

9,506

 

 

 

9,402

 

 

 

9,506

 

 

 

9,366

 

 

 

9,012

 

 

1

 

 

5

 

 

 

18,908

 

 

 

17,915

 

 

6

 

Provision for credit losses

 

 

3,909

 

 

 

2,683

 

 

 

2,857

 

 

 

2,284

 

 

 

2,490

 

 

46

 

 

57

 

 

 

6,592

 

 

 

5,285

 

 

25

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketing

 

 

1,064

 

 

 

1,010

 

 

 

1,254

 

 

 

972

 

 

 

886

 

 

5

 

 

20

 

 

 

2,074

 

 

 

1,783

 

 

16

 

Operating expense

 

 

3,882

 

 

 

4,127

 

 

 

4,463

 

 

 

3,888

 

 

 

3,908

 

 

(6

)

 

(1

)

 

 

8,009

 

 

 

7,956

 

 

1

 

Total non-interest expense

 

 

4,946

 

 

 

5,137

 

 

 

5,717

 

 

 

4,860

 

 

 

4,794

 

 

(4

)

 

3

 

 

 

10,083

 

 

 

9,739

 

 

4

 

Income from continuing operations before income taxes

 

 

651

 

 

 

1,582

 

 

 

932

 

 

 

2,222

 

 

 

1,728

 

 

(59

)

 

(62

)

 

 

2,233

 

 

 

2,891

 

 

(23

)

Income tax provision

 

 

54

 

 

 

302

 

 

 

226

 

 

 

432

 

 

 

297

 

 

(82

)

 

(82

)

 

 

356

 

 

 

500

 

 

(29

)

Net income

 

 

597

 

 

 

1,280

 

 

 

706

 

 

 

1,790

 

 

 

1,431

 

 

(53

)

 

(58

)

 

 

1,877

 

 

 

2,391

 

 

(21

)

Dividends and undistributed earnings allocated to participating securities(2)

 

 

(9

)

 

 

(23

)

 

 

(10

)

 

 

(28

)

 

 

(23

)

 

(61

)

 

(61

)

 

 

(32

)

 

 

(39

)

 

(18

)

Preferred stock dividends

 

 

(57

)

 

 

(57

)

 

 

(57

)

 

 

(57

)

 

 

(57

)

 

 

 

 

 

 

(114

)

 

 

(114

)

 

 

Net income available to common stockholders

 

$

531

 

 

$

1,200

 

 

$

639

 

 

$

1,705

 

 

$

1,351

 

 

(56

)

 

(61

)

 

$

1,731

 

 

$

2,238

 

 

(23

)

Common Share Statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per basic common share

 

$

1.39

 

 

$

3.14

 

 

$

1.67

 

 

$

4.46

 

 

$

3.53

 

 

(56

)%

 

(61

)%

 

$

4.52

 

 

$

5.85

 

 

(23

)%

Diluted earnings per common share:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per diluted common share

 

$

1.38

 

 

$

3.13

 

 

$

1.67

 

 

$

4.45

 

 

$

3.52

 

 

(56

)%

 

(61

)%

 

$

4.51

 

 

$

5.83

 

 

(23

)%

Weighted-average common shares outstanding (in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

383.1

 

 

 

382.2

 

 

 

381.9

 

 

 

382.5

 

 

 

382.8

 

 

 

 

 

 

 

382.7

 

 

 

382.7

 

 

 

Diluted

 

 

383.9

 

 

 

383.4

 

 

 

382.8

 

 

 

383.3

 

 

 

383.7

 

 

 

 

 

 

 

383.7

 

 

 

383.8

 

 

 

Common shares outstanding (period-end, in millions)

 

 

381.9

 

 

 

382.1

 

 

 

380.4

 

 

 

381.0

 

 

 

381.4

 

 

 

 

 

 

 

381.9

 

 

 

381.4

 

 

 

Dividends declared and paid per common share

 

$

0.60

 

 

$

0.60

 

 

$

0.60

 

 

$

0.60

 

 

$

0.60

 

 

 

 

 

 

$

1.20

 

 

$

1.20

 

 

 

Tangible book value per common share (period-end)(3)

 

 

99.28

 

 

 

98.67

 

 

 

99.78

 

 

 

87.97

 

 

 

90.07

 

 

1

%

 

10

%

 

 

99.28

 

 

 

90.07

 

 

10

%

 

 

 

 

 

 

 

 

 

 

 

 

2024 Q2

 

Six Months Ended June 30,

(Dollars in millions)

 

2024

 

2024

 

2023

 

2023

 

2023

 

2024

 

2023

 

 

 

 

 

2024 vs.

 

Q2

 

Q1

 

Q4

 

Q3

 

Q2

 

Q1

 

Q2

 

2024

 

2023

 

2023

Balance Sheet (Period-End)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans held for investment

 

$

318,186

 

$

315,154

 

$

320,472

 

$

314,780

 

$

311,323

 

1

%

 

2

%

 

$

318,186

 

$

311,323

 

2

%

Interest-earning assets

 

 

452,547

 

 

453,557

 

 

449,701

 

 

445,428

 

 

441,250

 

 

 

3

 

 

 

452,547

 

 

441,250

 

3

 

Total assets

 

 

480,018

 

 

481,720

 

 

478,464

 

 

471,435

 

 

467,800

 

 

 

3

 

 

 

480,018

 

 

467,800

 

3

 

Interest-bearing deposits

 

 

324,437

 

 

323,352

 

 

320,389

 

 

317,217

 

 

314,393

 

 

 

3

 

 

 

324,437

 

 

314,393

 

3

 

Total deposits

 

 

351,442

 

 

350,969

 

 

348,413

 

 

346,011

 

 

343,705

 

 

 

2

 

 

 

351,442

 

 

343,705

 

2

 

Borrowings

 

 

47,956

 

 

50,361

 

 

49,856

 

 

49,247

 

 

50,258

 

(5

)

 

(5

)

 

 

47,956

 

 

50,258

 

(5

)

Common equity

 

 

53,135

 

 

52,955

 

 

53,244

 

 

48,823

 

 

49,713

 

 

 

7

 

 

 

53,135

 

 

49,713

 

7

 

Total stockholders’ equity

 

 

57,981

 

 

57,801

 

 

58,089

 

 

53,668

 

 

54,559

 

 

 

6

 

 

 

57,981

 

 

54,559

 

6

 

Balance Sheet (Average Balances)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans held for investment

 

$

314,888

 

$

314,614

 

$

315,890

 

$

312,759

 

$

309,655

 

 

 

2

%

 

$

314,751

 

$

308,711

 

2

%

Interest-earning assets

 

 

450,908

 

 

447,803

 

 

446,929

 

 

443,532

 

 

439,139

 

1

%

 

3

 

 

 

449,356

 

 

437,180

 

3

 

Total assets

 

 

477,285

 

 

474,995

 

 

472,594

 

 

469,860

 

 

466,652

 

 

 

2

 

 

 

476,140

 

 

464,459

 

3

 

Interest-bearing deposits

 

 

322,581

 

 

318,450

 

 

316,808

 

 

316,032

 

 

313,207

 

1

 

 

3

 

 

 

320,515

 

 

311,010

 

3

 

Total deposits

 

 

349,488

 

 

345,657

 

 

345,328

 

 

345,013

 

 

343,678

 

1

 

 

2

 

 

 

347,572

 

 

341,910

 

2

 

Borrowings

 

 

48,842

 

 

50,474

 

 

51,070

 

 

49,736

 

 

48,468

 

(3

)

 

1

 

 

 

49,658

 

 

48,243

 

3

 

Common equity

 

 

53,262

 

 

53,152

 

 

50,786

 

 

50,166

 

 

50,511

 

 

 

5

 

 

 

53,207

 

 

50,221

 

6

 

Total stockholders’ equity

 

 

58,107

 

 

57,998

 

 

55,632

 

 

55,012

 

 

55,357

 

 

 

5

 

 

 

58,052

 

 

55,066

 

5

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 2: Selected Metrics—Consolidated

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 Q2

 

Six Months Ended June 30,

(Dollars in millions, except as noted)

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2023

 

 

2024

 

2023

 

 

 

 

 

2024 vs.

 

Q2

 

Q1

 

Q4

 

Q3

 

Q2

 

Q1

 

Q2

 

 

2024

 

 

 

2023

 

 

2023

Performance Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income growth (period over period)

 

 

1

%

 

 

 

 

 

1

%

 

 

4

%

 

 

(1

)%

 

**

 

**

 

 

5

%

 

 

11

%

 

**

Non-interest income growth (period over period)

 

 

2

 

 

 

(4

)%

 

 

2

 

 

 

2

 

 

 

11

 

 

**

 

**

 

 

7

 

 

 

4

 

 

**

Total net revenue growth (period over period)

 

 

1

 

 

 

(1

)

 

 

1

 

 

 

4

 

 

 

1

 

 

**

 

**

 

 

6

 

 

 

9

 

 

**

Total net revenue margin(4)

 

 

8.43

 

 

 

8.40

 

 

 

8.51

 

 

 

8.45

 

 

 

8.21

 

 

3

bps

 

22

bps

 

 

8.42

 

 

 

8.20

 

 

22

bps

Net interest margin(5)

 

 

6.70

 

 

 

6.69

 

 

 

6.73

 

 

 

6.69

 

 

 

6.48

 

 

1

 

 

22

 

 

 

6.69

 

 

 

6.54

 

 

15

 

Return on average assets

 

 

0.50

 

 

 

1.08

 

 

 

0.60

 

 

 

1.52

 

 

 

1.23

 

 

(58

)

 

(73

)

 

 

0.79

 

 

 

1.03

 

 

(24

)

Return on average tangible assets(6)

 

 

0.52

 

 

 

1.11

 

 

 

0.62

 

 

 

1.58

 

 

 

1.27

 

 

(59

)

 

(75

)

 

 

0.81

 

 

 

1.06

 

 

(25

)

Return on average common equity(7)

 

 

3.99

 

 

 

9.03

 

 

 

5.03

 

 

 

13.59

 

 

 

10.70

 

 

(504

)

 

(671

)

 

 

6.51

 

 

 

8.91

 

 

(240

)

Return on average tangible common equity(8)

 

 

5.59

 

 

 

12.67

 

 

 

7.20

 

 

 

19.59

 

 

 

15.30

 

 

(708

)

 

(971

)

 

 

9.12

 

 

 

12.74

 

 

(362

)

Efficiency ratio(9)

 

 

52.03

 

 

 

54.64

 

 

 

60.14

 

 

 

51.89

 

 

 

53.20

 

 

(261

)

 

(117

)

 

 

53.33

 

 

 

54.36

 

 

(103

)

Operating efficiency ratio(10)

 

 

40.84

 

 

 

43.89

 

 

 

46.95

 

 

 

41.51

 

 

 

43.36

 

 

(305

)

 

(252

)

 

 

42.36

 

 

 

44.41

 

 

(205

)

Effective income tax rate for continuing operations

 

 

8.3

 

 

 

19.1

 

 

 

24.2

 

 

 

19.4

 

 

 

17.2

 

 

(1,080

)

 

(890

)

 

 

15.9

 

 

 

17.3

 

 

(140

)

Employees (period-end, in thousands)

 

 

52.1

 

 

 

51.3

 

 

 

52.0

 

 

 

54.2

 

 

 

55.6

 

 

2

%

 

(6

)%

 

 

52.1

 

 

 

55.6

 

 

(6

)%

Credit Quality Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses

 

$

16,649

 

 

$

15,380

 

 

$

15,296

 

 

$

14,955

 

 

$

14,646

 

 

8

%

 

14

%

 

$

16,649

 

 

$

14,646

 

 

14

%

Allowance coverage ratio

 

 

5.23

%

 

 

4.88

%

 

 

4.77

%

 

 

4.75

%

 

 

4.70

%

 

35

bps

 

53

bps

 

 

5.23

%

 

 

4.70

%

 

53

bps

Net charge-offs

 

$

2,644

 

 

$

2,616

 

 

$

2,533

 

 

$

1,999

 

 

$

2,185

 

 

1

%

 

21

%

 

$

5,260

 

 

$

3,882

 

 

35

%

Net charge-off rate(11)

 

 

3.36

%

 

 

3.33

%

 

 

3.21

%

 

 

2.56

%

 

 

2.82

%

 

3

bps

 

54

bps

 

 

3.34

%

 

 

2.52

%

 

82

bps

30+ day performing delinquency rate

 

 

3.36

 

 

 

3.40

 

 

 

3.71

 

 

 

3.42

 

 

 

3.08

 

 

(4

)

 

28

 

 

 

3.36

 

 

 

3.08

 

 

28

 

30+ day delinquency rate

 

 

3.63

 

 

 

3.67

 

 

 

3.99

 

 

 

3.71

 

 

 

3.36

 

 

(4

)

 

27

 

 

 

3.63

 

 

 

3.36

 

 

27

 

Capital Ratios(12)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common equity Tier 1 capital

 

 

13.2

%

 

 

13.1

%

 

 

12.9

%

 

 

13.0

%

 

 

12.7

%

 

10

bps

 

50

bps

 

 

13.2

%

 

 

12.7

%

 

50

bps

Tier 1 capital

 

 

14.5

 

 

 

14.4

 

 

 

14.2

 

 

 

14.3

 

 

 

14.0

 

 

10

 

 

50

 

 

 

14.5

 

 

 

14.0

 

 

50

 

Total capital

 

 

16.3

 

 

 

16.3

 

 

 

16.0

 

 

 

16.2

 

 

 

16.0

 

 

 

 

30

 

 

 

16.3

 

 

 

16.0

 

 

30

 

Tier 1 leverage

 

 

11.3

 

 

 

11.3

 

 

 

11.2

 

 

 

11.2

 

 

 

11.0

 

 

 

 

30

 

 

 

11.3

 

 

 

11.0

 

 

30

 

Tangible common equity (“TCE”)(13)

 

 

8.2

 

 

 

8.1

 

 

 

8.2

 

 

 

7.3

 

 

 

7.6

 

 

10

 

 

60

 

 

 

8.2

 

 

 

7.6

 

 

60

 

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 3: Consolidated Statements of Income

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 Q2

 

Six Months Ended June 30,

(Dollars in millions, except as noted)

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2023

 

 

2024

 

2023

 

 

 

 

 

2024 vs.

 

Q2

 

Q1

 

Q4

 

Q3

 

Q2

 

Q1

 

Q2

 

 

2024

 

 

 

2023

 

 

2023

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including loans held for sale

 

$

9,993

 

 

$

9,920

 

 

$

9,934

 

 

$

9,696

 

 

$

9,057

 

 

1

%

 

10

%

 

$

19,913

 

 

$

17,780

 

 

12

%

Investment securities

 

 

700

 

 

 

687

 

 

 

669

 

 

 

627

 

 

 

639

 

 

2

 

 

10

 

 

 

1,387

 

 

 

1,254

 

 

11

 

Other

 

 

587

 

 

 

570

 

 

 

542

 

 

 

550

 

 

 

470

 

 

3

 

 

25

 

 

 

1,157

 

 

 

886

 

 

31

 

Total interest income

 

 

11,280

 

 

 

11,177

 

 

 

11,145

 

 

 

10,873

 

 

 

10,166

 

 

1

 

 

11

 

 

 

22,457

 

 

 

19,920

 

 

13

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

2,874

 

 

 

2,812

 

 

 

2,745

 

 

 

2,611

 

 

 

2,277

 

 

2

 

 

26

 

 

 

5,686

 

 

 

4,133

 

 

38

 

Securitized debt obligations

 

 

258

 

 

 

261

 

 

 

263

 

 

 

249

 

 

 

236

 

 

(1

)

 

9

 

 

 

519

 

 

 

447

 

 

16

 

Senior and subordinated notes

 

 

591

 

 

 

606

 

 

 

608

 

 

 

579

 

 

 

528

 

 

(2

)

 

12

 

 

 

1,197

 

 

 

1,017

 

 

18

 

Other borrowings

 

 

11

 

 

 

10

 

 

 

10

 

 

 

11

 

 

 

12

 

 

10

 

 

(8

)

 

 

21

 

 

 

24

 

 

(13

)

Total interest expense

 

 

3,734

 

 

 

3,689

 

 

 

3,626

 

 

 

3,450

 

 

 

3,053

 

 

1

 

 

22

 

 

 

7,423

 

 

 

5,621

 

 

32

 

Net interest income

 

 

7,546

 

 

 

7,488

 

 

 

7,519

 

 

 

7,423

 

 

 

7,113

 

 

1

 

 

6

 

 

 

15,034

 

 

 

14,299

 

 

5

 

Provision for credit losses

 

 

3,909

 

 

 

2,683

 

 

 

2,857

 

 

 

2,284

 

 

 

2,490

 

 

46

 

 

57

 

 

 

6,592

 

 

 

5,285

 

 

25

 

Net interest income after provision for credit losses

 

 

3,637

 

 

 

4,805

 

 

 

4,662

 

 

 

5,139

 

 

 

4,623

 

 

(24

)

 

(21

)

 

 

8,442

 

 

 

9,014

 

 

(6

)

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interchange fees, net

 

 

1,249

 

 

 

1,145

 

 

 

1,207

 

 

 

1,234

 

 

 

1,213

 

 

9

 

 

3

 

 

 

2,394

 

 

 

2,352

 

 

2

 

Service charges and other customer-related fees

 

 

459

 

 

 

462

 

 

 

424

 

 

 

453

 

 

 

411

 

 

(1

)

 

12

 

 

 

921

 

 

 

790

 

 

17

 

Net securities gains (losses)

 

 

 

 

 

 

 

 

(34

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

252

 

 

 

307

 

 

 

390

 

 

 

256

 

 

 

275

 

 

(18

)

 

(8

)

 

 

559

 

 

 

474

 

 

18

 

Total non-interest income

 

 

1,960

 

 

 

1,914

 

 

 

1,987

 

 

 

1,943

 

 

 

1,899

 

 

2

 

 

3

 

 

 

3,874

 

 

 

3,616

 

 

7

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and associate benefits

 

 

2,200

 

 

 

2,478

 

 

 

2,284

 

 

 

2,274

 

 

 

2,317

 

 

(11

)

 

(5

)

 

 

4,678

 

 

 

4,744

 

 

(1

)

Occupancy and equipment

 

 

551

 

 

 

554

 

 

 

628

 

 

 

518

 

 

 

506

 

 

(1

)

 

9

 

 

 

1,105

 

 

 

1,014

 

 

9

 

Marketing

 

 

1,064

 

 

 

1,010

 

 

 

1,254

 

 

 

972

 

 

 

886

 

 

5

 

 

20

 

 

 

2,074

 

 

 

1,783

 

 

16

 

Professional services

 

 

316

 

 

 

262

 

 

 

359

 

 

 

295

 

 

 

290

 

 

21

 

 

9

 

 

 

578

 

 

 

614

 

 

(6

)

Communications and data processing

 

 

355

 

 

 

351

 

 

 

345

 

 

 

344

 

 

 

344

 

 

1

 

 

3

 

 

 

706

 

 

 

694

 

 

2

 

Amortization of intangibles

 

 

19

 

 

 

19

 

 

 

22

 

 

 

24

 

 

 

22

 

 

 

 

(14

)

 

 

38

 

 

 

36

 

 

6

 

Other

 

 

441

 

 

 

463

 

 

 

825

 

 

 

433

 

 

 

429

 

 

(5

)

 

3

 

 

 

904

 

 

 

854

 

 

6

 

Total non-interest expense

 

 

4,946

 

 

 

5,137

 

 

 

5,717

 

 

 

4,860

 

 

 

4,794

 

 

(4

)

 

3

 

 

 

10,083

 

 

 

9,739

 

 

4

 

Income from continuing operations before income taxes

 

 

651

 

 

 

1,582

 

 

 

932

 

 

 

2,222

 

 

 

1,728

 

 

(59

)

 

(62

)

 

 

2,233

 

 

 

2,891

 

 

(23

)

Income tax provision

 

 

54

 

 

 

302

 

 

 

226

 

 

 

432

 

 

 

297

 

 

(82

)

 

(82

)

 

 

356

 

 

 

500

 

 

(29

)

Net income

 

 

597

 

 

 

1,280

 

 

 

706

 

 

 

1,790

 

 

 

1,431

 

 

(53

)

 

(58

)

 

 

1,877

 

 

 

2,391

 

 

(21

)

Dividends and undistributed earnings allocated to participating securities(2)

 

 

(9

)

 

 

(23

)

 

 

(10

)

 

 

(28

)

 

 

(23

)

 

(61

)

 

(61

)

 

 

(32

)

 

 

(39

)

 

(18

)

Preferred stock dividends

 

 

(57

)

 

 

(57

)

 

 

(57

)

 

 

(57

)

 

 

(57

)

 

 

 

 

 

 

(114

)

 

 

(114

)

 

 

Net income available to common stockholders

 

$

531

 

 

$

1,200

 

 

$

639

 

 

$

1,705

 

 

$

1,351

 

 

(56

)

 

(61

)

 

$

1,731

 

 

$

2,238

 

 

(23

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 Q2

 

Six Months Ended June 30,

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2023

 

 

2024

 

2023

 

 

 

 

 

2024 vs.

 

Q2

 

Q1

 

Q4

 

Q3

 

Q2

 

Q1

 

Q2

 

 

2024

 

 

 

2023

 

 

2023

Basic earnings per common share:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per basic common share

 

$

1.39

 

 

$

3.14

 

 

$

1.67

 

 

$

4.46

 

 

$

3.53

 

 

(56

)%

 

(61

)%

 

$

4.52

 

 

$

5.85

 

 

(23

)%

Diluted earnings per common share:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per diluted common share

 

$

1.38

 

 

$

3.13

 

 

$

1.67

 

 

$

4.45

 

 

$

3.52

 

 

(56

)%

 

(61

)%

 

$

4.51

 

 

$

5.83

 

 

(23

)%

Weighted-average common shares outstanding (in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic common shares

 

 

383.1

 

 

 

382.2

 

 

 

381.9

 

 

 

382.5

 

 

 

382.8

 

 

 

 

 

 

 

382.7

 

 

 

382.7

 

 

 

Diluted common shares

 

 

383.9

 

 

 

383.4

 

 

 

382.8

 

 

 

383.3

 

 

 

383.7

 

 

 

 

 

 

 

383.7

 

 

 

383.8

 

 

 

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 4: Consolidated Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 Q2

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2023

 

 

2024

 

2023

(Dollars in millions)

 

Q2

 

Q1

 

Q4

 

Q3

 

Q2

 

Q1

 

Q2

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

5,298

 

 

$

4,671

 

 

$

4,903

 

 

$

4,620

 

 

$

3,360

 

 

13

%

 

58

%

Interest-bearing deposits and other short-term investments

 

 

40,116

 

 

 

46,357

 

 

 

38,394

 

 

 

40,249

 

 

 

38,236

 

 

(13

)

 

5

 

Total cash and cash equivalents

 

 

45,414

 

 

 

51,028

 

 

 

43,297

 

 

 

44,869

 

 

 

41,596

 

 

(11

)

 

9

 

Restricted cash for securitization investors

 

 

2,415

 

 

 

474

 

 

 

458

 

 

 

435

 

 

 

452

 

 

**

 

**

Securities available for sale

 

 

79,250

 

 

 

78,398

 

 

 

79,117

 

 

 

74,837

 

 

 

78,412

 

 

1

 

 

1

 

Loans held for investment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecuritized loans held for investment

 

 

289,124

 

 

 

285,577

 

 

 

289,229

 

 

 

284,953

 

 

 

280,933

 

 

1

 

 

3

 

Loans held in consolidated trusts

 

 

29,062

 

 

 

29,577

 

 

 

31,243

 

 

 

29,827

 

 

 

30,390

 

 

(2

)

 

(4

)

Total loans held for investment

 

 

318,186

 

 

 

315,154

 

 

 

320,472

 

 

 

314,780

 

 

 

311,323

 

 

1

 

 

2

 

Allowance for credit losses

 

 

(16,649

)

 

 

(15,380

)

 

 

(15,296

)

 

 

(14,955

)

 

 

(14,646

)

 

8

 

 

14

 

Net loans held for investment

 

 

301,537

 

 

 

299,774

 

 

 

305,176

 

 

 

299,825

 

 

 

296,677

 

 

1

 

 

2

 

Loans held for sale

 

 

808

 

 

 

1,631

 

 

 

854

 

 

 

742

 

 

 

1,211

 

 

(50

)

 

(33

)

Premises and equipment, net

 

 

4,396

 

 

 

4,366

 

 

 

4,375

 

 

 

4,378

 

 

 

4,359

 

 

1

 

 

1

 

Interest receivable

 

 

2,494

 

 

 

2,514

 

 

 

2,478

 

 

 

2,469

 

 

 

2,297

 

 

(1

)

 

9

 

Goodwill

 

 

15,062

 

 

 

15,062

 

 

 

15,065

 

 

 

15,048

 

 

 

15,060

 

 

 

 

 

Other assets

 

 

28,642

 

 

 

28,473

 

 

 

27,644

 

 

 

28,832

 

 

 

27,736

 

 

1

 

 

3

 

Total assets

 

$

480,018

 

 

$

481,720

 

 

$

478,464

 

 

$

471,435

 

 

$

467,800

 

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 Q2

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2023

 

 

2024

 

2023

(Dollars in millions)

 

Q2

 

Q1

 

Q4

 

Q3

 

Q2

 

Q1

 

Q2

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest payable

 

$

668

 

 

$

762

 

 

$

649

 

 

$

685

 

 

$

637

 

 

(12

)%

 

5

%

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing deposits

 

 

27,005

 

 

 

27,617

 

 

 

28,024

 

 

 

28,794

 

 

 

29,312

 

 

(2

)

 

(8

)

Interest-bearing deposits

 

 

324,437

 

 

 

323,352

 

 

 

320,389

 

 

 

317,217

 

 

 

314,393

 

 

 

 

3

 

Total deposits

 

 

351,442

 

 

 

350,969

 

 

 

348,413

 

 

 

346,011

 

 

 

343,705

 

 

 

 

2

 

Securitized debt obligations

 

 

17,291

 

 

 

17,661

 

 

 

18,043

 

 

 

17,417

 

 

 

17,861

 

 

(2

)

 

(3

)

Other debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal funds purchased and securities loaned or sold under agreements to repurchase

 

 

715

 

 

 

568

 

 

 

538

 

 

 

522

 

 

 

649

 

 

26

 

 

10

 

Senior and subordinated notes

 

 

29,925

 

 

 

32,108

 

 

 

31,248

 

 

 

31,283

 

 

 

31,627

 

 

(7

)

 

(5

)

Other borrowings

 

 

25

 

 

 

24

 

 

 

27

 

 

 

25

 

 

 

121

 

 

4

 

 

(79

)

Total other debt

 

 

30,665

 

 

 

32,700

 

 

 

31,813

 

 

 

31,830

 

 

 

32,397

 

 

(6

)

 

(5

)

Other liabilities

 

 

21,971

 

 

 

21,827

 

 

 

21,457

 

 

 

21,824

 

 

 

18,641

 

 

1

 

 

18

 

Total liabilities

 

 

422,037

 

 

 

423,919

 

 

 

420,375

 

 

 

417,767

 

 

 

413,241

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

 

 

Common stock

 

 

7

 

 

 

7

 

 

 

7

 

 

 

7

 

 

 

7

 

 

 

 

 

Additional paid-in capital, net

 

 

36,012

 

 

 

35,808

 

 

 

35,541

 

 

 

35,334

 

 

 

35,163

 

 

1

 

 

2

 

Retained earnings

 

 

62,211

 

 

 

61,905

 

 

 

60,945

 

 

 

60,529

 

 

 

59,028

 

 

 

 

5

 

Accumulated other comprehensive loss

 

 

(9,701

)

 

 

(9,534

)

 

 

(8,268

)

 

 

(12,224

)

 

 

(9,818

)

 

2

 

 

(1

)

Treasury stock, at cost

 

 

(30,548

)

 

 

(30,385

)

 

 

(30,136

)

 

 

(29,978

)

 

 

(29,821

)

 

1

 

 

2

 

Total stockholders’ equity

 

 

57,981

 

 

 

57,801

 

 

 

58,089

 

 

 

53,668

 

 

 

54,559

 

 

 

 

6

 

Total liabilities and stockholders’ equity

 

$

480,018

 

 

$

481,720

 

 

$

478,464

 

 

$

471,435

 

 

$

467,800

 

 

 

 

3

 

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 $649 million in Q2 2024, $630 million in Q1 2024, $566 million in Q4 2023, $449 million in Q3 2023 and $443 million in Q2 2023 for credit card finance charges and fees charged-off as uncollectible.

(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)

Tangible book value per common share is a non-GAAP measure calculated based on TCE 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.

(4)

Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.

(5)

Net interest margin is calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.

(6)

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.

(7)

Return on average common equity is calculated based on annualized net income (loss) available to common stockholders less annualized 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.

(8)

Return on average tangible common equity is a non-GAAP measure calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average TCE. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.

(9)

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.

(10)

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.

(11)

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.

(12)

Capital ratios as of the end of Q2 2024 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.

(13)

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.

**

Not meaningful.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 6: Average Balances, Net Interest Income and Net Interest Margin

 

 

 

2024 Q2

 

2024 Q1

 

2023 Q2

(Dollars in millions, except as noted)

 

Average Balance

 

Interest Income/ Expense

 

Yield/Rate(1)

 

Average Balance

 

Interest Income/ Expense

 

Yield/Rate(1)

 

Average Balance

 

Interest Income/ Expense

 

Yield/Rate(1)

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including loans held for sale

 

$

315,823

 

$

9,993

 

12.66

%

 

$

315,563

 

$

9,920

 

12.57

%

 

$

310,335

 

$

9,057

 

11.67

%

Investment securities

 

 

89,501

 

 

700

 

3.13

 

 

 

88,581

 

 

687

 

3.10

 

 

 

89,994

 

 

639

 

2.84

 

Cash equivalents and other

 

 

45,584

 

 

587

 

5.16

 

 

 

43,659

 

 

570

 

5.21

 

 

 

38,810

 

 

470

 

4.84

 

Total interest-earning assets

 

$

450,908

 

$

11,280

 

10.01

 

 

$

447,803

 

$

11,177

 

9.98

 

 

$

439,139

 

$

10,166

 

9.26

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

$

322,581

 

$

2,874

 

3.56

 

 

$

318,450

 

$

2,812

 

3.53

 

 

$

313,207

 

$

2,277

 

2.91

 

Securitized debt obligations

 

 

17,452

 

 

258

 

5.91

 

 

 

17,836

 

 

261

 

5.85

 

 

 

17,771

 

 

236

 

5.31

 

Senior and subordinated notes

 

 

30,978

 

 

591

 

7.64

 

 

 

32,211

 

 

606

 

7.52

 

 

 

30,161

 

 

528

 

7.00

 

Other borrowings and liabilities(2)

 

 

2,502

 

 

11

 

1.73

 

 

 

2,373

 

 

10

 

1.78

 

 

 

2,419

 

 

12

 

1.95

 

Total interest-bearing liabilities

 

$

373,513

 

$

3,734

 

4.00

 

 

$

370,870

 

$

3,689

 

3.98

 

 

$

363,558

 

$

3,053

 

3.36

 

Net interest income/spread

 

 

 

$

7,546

 

6.01

 

 

 

 

$

7,488

 

6.00

 

 

 

 

$

7,113

 

5.90

 

Impact of non-interest-bearing funding

 

 

 

 

 

0.69

 

 

 

 

 

 

0.69

 

 

 

 

 

 

0.58

 

Net interest margin

 

 

 

 

 

6.70

%

 

 

 

 

 

6.69

%

 

 

 

 

 

6.48

%

 

 

 

Six Months Ended June 30,

 

 

2024

 

2023

(Dollars in millions, except as noted)

 

Average Balance

 

Interest Income/ Expense

 

Yield/Rate(1)

 

Average Balance

 

Interest Income/ Expense

 

Yield/Rate(1)

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including loans held for sale

 

$

315,693

 

$

19,913

 

12.62

%

 

$

309,231

 

$

17,780

 

11.50

%

Investment securities

 

 

89,041

 

 

1,387

 

3.12

 

 

 

89,977

 

 

1,254

 

2.79

 

Cash equivalents and other

 

 

44,622

 

 

1,157

 

5.19

 

 

 

37,972

 

 

886

 

4.67

 

Total interest-earning assets

 

$

449,356

 

$

22,457

 

10.00

 

 

$

437,180

 

$

19,920

 

9.11

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

$

320,515

 

$

5,686

 

3.55

 

 

$

311,010

 

$

4,133

 

2.66

 

Securitized debt obligations

 

 

17,644

 

 

519

 

5.88

 

 

 

17,512

 

 

447

 

5.10

 

Senior and subordinated notes

 

 

31,594

 

 

1,197

 

7.58

 

 

 

30,149

 

 

1,017

 

6.75

 

Other borrowings and liabilities(2)

 

 

2,438

 

 

21

 

1.75

 

 

 

2,377

 

 

24

 

2.01

 

Total interest-bearing liabilities

 

$

372,191

 

$

7,423

 

3.99

 

 

$

361,048

 

$

5,621

 

3.11

 

Net interest income/spread

 

 

 

$

15,034

 

6.01

 

 

 

 

$

14,299

 

6.00

 

Impact of non-interest-bearing funding

 

 

 

 

 

0.68

 

 

 

 

 

 

0.54

 

Net interest margin

 

 

 

 

 

6.69

%

 

 

 

 

 

6.54

%

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 7: Loan Information and Performance Statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 Q2

 

Six Months Ended June 30,

(Dollars in millions, except as noted)

 

2024

Q2

2024

Q1

2023

Q4

2023

Q3

2023

Q2

 

2024

Q1

 

2023

Q2

 

2024

 

2023

 

2024 vs. 2023

Loans Held for Investment (Period-End)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit card:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic credit card

 

$

147,065

 

$

143,861

 

$

147,666

 

$

140,320

 

$

135,975

 

2

%

 

8

%

 

$

147,065

 

$

135,975

 

8

%

International card businesses

 

 

6,830

 

 

6,733

 

 

6,881

 

 

6,463

 

 

6,516

 

1

 

 

5

 

 

 

6,830

 

 

6,516

 

5

 

Total credit card

 

 

153,895

 

 

150,594

 

 

154,547

 

 

146,783

 

 

142,491

 

2

 

 

8

 

 

 

153,895

 

 

142,491

 

8

 

Consumer banking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auto

 

 

74,385

 

 

73,801

 

 

74,075

 

 

75,456

 

 

75,841

 

1

 

 

(2

)

 

 

74,385

 

 

75,841

 

(2

)

Retail banking

 

 

1,278

 

 

1,298

 

 

1,362

 

 

1,388

 

 

1,439

 

(2

)

 

(11

)

 

 

1,278

 

 

1,439

 

(11

)

Total consumer banking

 

 

75,663

 

 

75,099

 

 

75,437

 

 

76,844

 

 

77,280

 

1

 

 

(2

)

 

 

75,663

 

 

77,280

 

(2

)

Commercial banking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and multifamily real estate

 

 

32,832

 

 

34,272

 

 

34,446

 

 

35,622

 

 

36,041

 

(4

)

 

(9

)

 

 

32,832

 

 

36,041

 

(9

)

Commercial and industrial

 

 

55,796

 

 

55,189

 

 

56,042

 

 

55,531

 

 

55,511

 

1

 

 

1

 

 

 

55,796

 

 

55,511

 

1

 

Total commercial banking

 

 

88,628

 

 

89,461

 

 

90,488

 

 

91,153

 

 

91,552

 

(1

)

 

(3

)

 

 

88,628

 

 

91,552

 

(3

)

Total loans held for investment

 

$

318,186

 

$

315,154

 

$

320,472

 

$

314,780

 

$

311,323

 

1

 

 

2

 

 

$

318,186

 

$

311,323

 

2

 

Loans Held for Investment (Average)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit card:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic credit card

 

$

143,744

 

$

142,887

 

$

142,112

 

$

137,500

 

$

132,505

 

1

%

 

8

%

 

$

143,316

 

$

130,544

 

10

%

International card businesses

 

 

6,723

 

 

6,758

 

 

6,515

 

 

6,549

 

 

6,257

 

(1

)

 

7

 

 

 

6,740

 

 

6,183

 

9

 

Total credit card

 

 

150,467

 

 

149,645

 

 

148,627

 

 

144,049

 

 

138,762

 

1

 

 

8

 

 

 

150,056

 

 

136,727

 

10

 

Consumer banking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auto

 

 

74,098

 

 

73,768

 

 

74,861

 

 

75,740

 

 

76,233

 

 

 

(3

)

 

 

73,933

 

 

76,846

 

(4

)

Retail banking

 

 

1,288

 

 

1,324

 

 

1,377

 

 

1,414

 

 

1,465

 

(3

)

 

(12

)

 

 

1,306

 

 

1,497

 

(13

)

Total consumer banking

 

 

75,386

 

 

75,092

 

 

76,238

 

 

77,154

 

 

77,698

 

 

 

(3

)

 

 

75,239

 

 

78,343

 

(4

)

Commercial banking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and multifamily real estate

 

 

33,801

 

 

34,310

 

 

35,414

 

 

35,964

 

 

37,068

 

(1

)

 

(9

)

 

 

34,055

 

 

37,220

 

(9

)

Commercial and industrial

 

 

55,234

 

 

55,567

 

 

55,611

 

 

55,592

 

 

56,127

 

(1

)

 

(2

)

 

 

55,401

 

 

56,421

 

(2

)

Total commercial banking

 

 

89,035

 

 

89,877

 

 

91,025

 

 

91,556

 

 

93,195

 

(1

)

 

(4

)

 

 

89,456

 

 

93,641

 

(4

)

Total average loans held for investment

 

$

314,888

 

$

314,614

 

$

315,890

 

$

312,759

 

$

309,655

 

 

 

2

 

 

$

314,751

 

$

308,711

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 Q2

 

Six Months Ended June 30,

 

 

2024

 

2024

 

2023

 

2023

 

2023

 

2024

 

2023

 

2024

 

2023

 

2024 vs. 2023

 

 

Q2

 

Q1

 

Q4

 

Q3

 

Q2

 

Q1

 

Q2

Net Charge-Off (Recovery) Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit card:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic credit card(3)(4)

 

6.05

%

 

5.94

%

 

5.35

%

 

4.40

%

 

4.38

%

 

11

bps

 

167

bps

 

5.99

%

 

4.21

%

 

178

bps

International card businesses

 

5.03

 

 

5.16

 

 

4.94

 

 

4.87

 

 

4.98

 

 

(13

)

 

5

 

 

5.10

 

 

4.77

 

 

33

 

Total credit card

 

6.00

 

 

5.90

 

 

5.33

 

 

4.42

 

 

4.41

 

 

10

 

 

159

 

 

5.95

 

 

4.24

 

 

171

 

Consumer banking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auto

 

1.81

 

 

1.99

 

 

2.19

 

 

1.77

 

 

1.40

 

 

(18

)

 

41

 

 

1.90

 

 

1.46

 

 

44

 

Retail banking

 

5.38

 

 

4.04

 

 

5.68

 

 

3.80

 

 

3.25

 

 

134

 

 

213

 

 

4.70

 

 

3.10

 

 

160

 

Total consumer banking

 

1.87

 

 

2.03

 

 

2.25

 

 

1.81

 

 

1.43

 

 

(16

)

 

44

 

 

1.95

 

 

1.50

 

 

45

 

Commercial banking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and multifamily real estate

 

0.11

 

 

0.20

 

 

0.96

 

 

0.27

 

 

3.91

 

 

(9

)

 

(380

)

 

0.16

 

 

2.04

 

 

(188

)

Commercial and industrial

 

0.17

 

 

0.08

 

 

0.26

 

 

0.24

 

 

0.11

 

 

9

 

 

6

 

 

0.13

 

 

0.07

 

 

6

 

Total commercial banking

 

0.15

 

 

0.13

 

 

0.53

 

 

0.25

 

 

1.62

 

 

2

 

 

(147

)

 

0.14

 

 

0.85

 

 

(71

)

Total net charge-offs

 

3.36

 

 

3.33

 

 

3.21

 

 

2.56

 

 

2.82

 

 

3

 

 

54

 

 

3.34

 

 

2.52

 

 

82

 

30+ Day Performing Delinquency Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit card:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic credit card

 

4.14

%

 

4.48

%

 

4.61

%

 

4.31

%

 

3.74

%

 

(34)

bps

 

40

bps

 

4.14

%

 

3.74

%

 

40

bps

International card businesses

 

4.63

 

 

4.83

 

 

4.67

 

 

4.43

 

 

4.24

 

 

(20

)

 

39

 

 

4.63

 

 

4.24

 

 

39

 

Total credit card

 

4.16

 

 

4.50

 

 

4.61

 

 

4.32

 

 

3.77

 

 

(34

)

 

39

 

 

4.16

 

 

3.77

 

 

39

 

Consumer banking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auto

 

5.67

 

 

5.28

 

 

6.34

 

 

5.64

 

 

5.38

 

 

39

 

 

29

 

 

5.67

 

 

5.38

 

 

29

 

Retail banking

 

1.57

 

 

0.95

 

 

1.19

 

 

1.07

 

 

1.19

 

 

62

 

 

38

 

 

1.57

 

 

1.19

 

 

38

 

Total consumer banking

 

5.60

 

 

5.21

 

 

6.25

 

 

5.55

 

 

5.30

 

 

39

 

 

30

 

 

5.60

 

 

5.30

 

 

30

 

Nonperforming Loans and Nonperforming Assets Rates(5)(6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit card:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International card businesses

 

0.15

%

 

0.13

%

 

0.13

%

 

0.14

%

 

0.16

%

 

2

bps

 

(1)

bps

 

0.15

%

 

0.16

%

 

(1)

bps

Total credit card

 

0.01

 

 

0.01

 

 

0.01

 

 

0.01

 

 

0.01

 

 

 

 

 

 

0.01

 

 

0.01

 

 

 

Consumer banking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auto

 

0.88

 

 

0.79

 

 

0.96

 

 

0.85

 

 

0.77

 

 

9

 

 

11

 

 

0.88

 

 

0.77

 

 

11

 

Retail banking

 

2.81

 

 

3.21

 

 

3.36

 

 

3.28

 

 

2.99

 

 

(40

)

 

(18

)

 

2.81

 

 

2.99

 

 

(18

)

Total consumer banking

 

0.92

 

 

0.83

 

 

1.00

 

 

0.89

 

 

0.82

 

 

9

 

 

10

 

 

0.92

 

 

0.82

 

 

10

 

Commercial banking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and multifamily real estate

 

1.28

 

 

1.58

 

 

1.23

 

 

1.29

 

 

1.15

 

 

(30

)

 

13

 

 

1.28

 

 

1.15

 

 

13

 

Commercial and industrial

 

1.56

 

 

1.10

 

 

0.60

 

 

0.65

 

 

0.71

 

 

46

 

 

85

 

 

1.56

 

 

0.71

 

 

85

 

Total commercial banking

 

1.46

 

 

1.28

 

 

0.84

 

 

0.90

 

 

0.89

 

 

18

 

 

57

 

 

1.46

 

 

0.89

 

 

57

 

Total nonperforming loans

 

0.63

 

 

0.57

 

 

0.48

 

 

0.48

 

 

0.47

 

 

6

 

 

16

 

 

0.63

 

 

0.47

 

 

16

 

Total nonperforming assets

 

0.64

 

 

0.58

 

 

0.50

 

 

0.50

 

 

0.48

 

 

6

 

 

16

 

 

0.64

 

 

0.48

 

 

16

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity

 

 

 

Three Months Ended June 30, 2024

 

 

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 March 31, 2024

 

$

11,298

 

 

$

456

 

 

$

11,754

 

 

$

2,057

 

 

$

31

 

 

$

2,088

 

 

$

1,538

 

 

$

15,380

 

Charge-offs

 

 

(2,556

)

 

 

(130

)

 

 

(2,686

)

 

 

(615

)

 

 

(21

)

 

 

(636

)

 

 

(39

)

 

 

(3,361

)

Recoveries

 

 

383

 

 

 

45

 

 

 

428

 

 

 

280

 

 

 

3

 

 

 

283

 

 

 

6

 

 

 

717

 

Net charge-offs

 

 

(2,173

)

 

 

(85

)

 

 

(2,258

)

 

 

(335

)

 

 

(18

)

 

 

(353

)

 

 

(33

)

 

 

(2,644

)

Provision for credit losses

 

 

3,435

 

 

 

110

 

 

 

3,545

 

 

 

315

 

 

 

15

 

 

 

330

 

 

 

39

 

 

 

3,914

 

Allowance build (release) for credit losses(7)

 

 

1,262

 

 

 

25

 

 

 

1,287

 

 

 

(20

)

 

 

(3

)

 

 

(23

)

 

 

6

 

 

 

1,270

 

Other changes(8)

 

 

 

 

 

(1

)

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

Balance as of June 30, 2024

 

 

12,560

 

 

 

480

 

 

 

13,040

 

 

 

2,037

 

 

 

28

 

 

 

2,065

 

 

 

1,544

 

 

 

16,649

 

Reserve for unfunded lending commitments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

134

 

 

 

134

 

Provision (benefit) for losses on unfunded lending commitments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

 

 

(5

)

Balance as of June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

129

 

 

 

129

 

Combined allowance and reserve as of June 30, 2024

 

$

12,560

 

 

$

480

 

 

$

13,040

 

 

$

2,037

 

 

$

28

 

 

$

2,065

 

 

$

1,673

 

 

$

16,778

 

 

 

 

Six Months Ended June 30, 2024

 

 

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, 2023

 

$

11,261

 

 

$

448

 

 

$

11,709

 

 

$

2,002

 

 

$

40

 

 

$

2,042

 

 

$

1,545

 

 

$

15,296

 

Charge-offs

 

 

(5,008

)

 

 

(252

)

 

 

(5,260

)

 

 

(1,257

)

 

 

(39

)

 

 

(1,296

)

 

 

(78

)

 

 

(6,634

)

Recoveries

 

 

715

 

 

 

80

 

 

 

795

 

 

 

555

 

 

 

8

 

 

 

563

 

 

 

16

 

 

 

1,374

 

Net charge-offs

 

 

(4,293

)

 

 

(172

)

 

 

(4,465

)

 

 

(702

)

 

 

(31

)

 

 

(733

)

 

 

(62

)

 

 

(5,260

)

Provision for credit losses

 

 

5,592

 

 

 

212

 

 

 

5,804

 

 

 

737

 

 

 

19

 

 

 

756

 

 

 

61

 

 

 

6,621

 

Allowance build (release) for credit losses(7)

 

 

1,299

 

 

 

40

 

 

 

1,339

 

 

 

35

 

 

 

(12

)

 

 

23

 

 

 

(1

)

 

 

1,361

 

Other changes(8)

 

 

 

 

 

(8

)

 

 

(8

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8

)

Balance as of June 30, 2024

 

 

12,560

 

 

 

480

 

 

 

13,040

 

 

 

2,037

 

 

 

28

 

 

 

2,065

 

 

 

1,544

 

 

 

16,649

 

Reserve for unfunded lending commitments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

158

 

 

 

158

 

Provision (benefit) for losses on unfunded lending commitments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(29

)

 

 

(29

)

Balance as of June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

129

 

 

 

129

 

Combined allowance and reserve as of June 30, 2024

 

$

12,560

 

 

$

480

 

 

$

13,040

 

 

$

2,037

 

 

$

28

 

 

$

2,065

 

 

$

1,673

 

 

$

16,778

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 9: Financial Summary—Business Segment Results

 

 

 

Three Months Ended June 30, 2024

 

Six Months Ended June 30, 2024

(Dollars in millions)

 

Credit Card

 

Consumer Banking

 

Commercial Banking(9)

 

Other(9)

 

Total

 

Credit Card

 

Consumer Banking

 

Commercial Banking(9)

 

Other(9)

 

Total

Net interest income (loss)

 

$

5,294

 

$

2,025

 

$

609

 

 

$

(382

)

 

$

7,546

 

$

10,566

 

$

4,036

 

$

1,208

 

$

(776

)

 

$

15,034

Non-interest income

 

 

1,506

 

 

172

 

 

271

 

 

 

11

 

 

 

1,960

 

 

2,982

 

 

331

 

 

552

 

 

9

 

 

 

3,874

Total net revenue (loss)

 

 

6,800

 

 

2,197

 

 

880

 

 

 

(371

)

 

 

9,506

 

 

13,548

 

 

4,367

 

 

1,760

 

 

(767

)

 

 

18,908

Provision for credit losses

 

 

3,545

 

 

330

 

 

34

 

 

 

 

 

 

3,909

 

 

5,804

 

 

756

 

 

32

 

 

 

 

 

6,592

Non-interest expense

 

 

3,134

 

 

1,250

 

 

483

 

 

 

79

 

 

 

4,946

 

 

6,363

 

 

2,496

 

 

998

 

 

226

 

 

 

10,083

Income (loss) from continuing operations before income taxes

 

 

121

 

 

617

 

 

363

 

 

 

(450

)

 

 

651

 

 

1,381

 

 

1,115

 

 

730

 

 

(993

)

 

 

2,233

Income tax provision (benefit)

 

 

30

 

 

146

 

 

85

 

 

 

(207

)

 

 

54

 

 

329

 

 

263

 

 

172

 

 

(408

)

 

 

356

Income (loss) from continuing operations, net of tax

 

$

91

 

$

471

 

$

278

 

 

$

(243

)

 

$

597

 

$

1,052

 

$

852

 

$

558

 

$

(585

)

 

$

1,877

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

(Dollars in millions)

 

Credit Card

 

Consumer Banking

 

Commercial Banking(9)

 

Other(9)

 

Total

 

 

 

 

 

 

 

 

 

 

Net interest income (loss)

 

$

5,272

 

$

2,011

 

$

599

 

 

$

(394

)

 

$

7,488

 

 

 

 

 

 

 

 

 

 

Non-interest income (loss)

 

 

1,476

 

 

159

 

 

281

 

 

 

(2

)

 

 

1,914

 

 

 

 

 

 

 

 

 

 

Total net revenue (loss)

 

 

6,748

 

 

2,170

 

 

880

 

 

 

(396

)

 

 

9,402

 

 

 

 

 

 

 

 

 

 

Provision (benefit) for credit losses

 

 

2,259

 

 

426

 

 

(2

)

 

 

 

 

 

2,683

 

 

 

 

 

 

 

 

 

 

Non-interest expense

 

 

3,229

 

 

1,246

 

 

515

 

 

 

147

 

 

 

5,137

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

 

 

1,260

 

 

498

 

 

367

 

 

 

(543

)

 

 

1,582

 

 

 

 

 

 

 

 

 

 

Income tax provision (benefit)

 

 

299

 

 

117

 

 

87

 

 

 

(201

)

 

 

302

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations, net of tax

 

$

961

 

$

381

 

$

280

 

 

$

(342

)

 

$

1,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2023

 

Six Months Ended June 30, 2023

(Dollars in millions)

 

Credit Card

 

Consumer Banking

 

Commercial Banking(9)

 

Other(9)

 

Total

 

Credit Card

 

Consumer Banking

 

Commercial Banking(9)

 

Other(9)

 

Total

Net interest income (loss)

 

$

4,727

 

$

2,269

 

$

632

 

 

$

(515

)

 

$

7,113

 

$

9,384

 

$

4,629

 

$

1,280

 

$

(994

)

 

$

14,299

Non-interest income (loss)

 

 

1,499

 

 

149

 

 

257

 

 

 

(6

)

 

 

1,899

 

 

2,862

 

 

284

 

 

469

 

 

1

 

 

 

3,616

Total net revenue (loss)

 

 

6,226

 

 

2,418

 

 

889

 

 

 

(521

)

 

 

9,012

 

 

12,246

 

 

4,913

 

 

1,749

 

 

(993

)

 

 

17,915

Provision for credit losses

 

 

2,084

 

 

259

 

 

146

 

 

 

1

 

 

 

2,490

 

 

4,345

 

 

534

 

 

405

 

 

1

 

 

 

5,285

Non-interest expense

 

 

3,020

 

 

1,231

 

 

482

 

 

 

61

 

 

 

4,794

 

 

6,058

 

 

2,514

 

 

1,012

 

 

155

 

 

 

9,739

Income (loss) from continuing operations before income taxes

 

 

1,122

 

 

928

 

 

261

 

 

 

(583

)

 

 

1,728

 

 

1,843

 

 

1,865

 

 

332

 

 

(1,149

)

 

 

2,891

Income tax provision (benefit)

 

 

265

 

 

219

 

 

61

 

 

 

(248

)

 

 

297

 

 

437

 

 

440

 

 

78

 

 

(455

)

 

 

500

Income (loss) from continuing operations, net of tax

 

$

857

 

$

709

 

$

200

 

 

$

(335

)

 

$

1,431

 

$

1,406

 

$

1,425

 

$

254

 

$

(694

)

 

$

2,391

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 10: Financial & Statistical Summary—Credit Card Business

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 Q2 vs.

 

Six Months Ended June 30,

(Dollars in millions, except as noted)

 

2024

Q2

 

2024

Q1

 

2023

Q4

 

2023

Q3

 

2023

Q2

 

2024

Q1

 

2023

Q2

 

 

2024

 

 

 

2023

 

 

2024 vs.

2023

Credit Card

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

5,294

 

 

$

5,272

 

 

$

5,231

 

 

$

5,114

 

 

$

4,727

 

 

 

 

12

%

 

$

10,566

 

 

$

9,384

 

 

13

%

Non-interest income

 

 

1,506

 

 

 

1,476

 

 

 

1,565

 

 

 

1,513

 

 

 

1,499

 

 

2

%

 

 

 

 

2,982

 

 

 

2,862

 

 

4

 

Total net revenue

 

 

6,800

 

 

 

6,748

 

 

 

6,796

 

 

 

6,627

 

 

 

6,226

 

 

1

 

 

9

 

 

 

13,548

 

 

 

12,246

 

 

11

 

Provision for credit losses

 

 

3,545

 

 

 

2,259

 

 

 

2,353

 

 

 

1,953

 

 

 

2,084

 

 

57

 

 

70

 

 

 

5,804

 

 

 

4,345

 

 

34

 

Non-interest expense

 

 

3,134

 

 

 

3,229

 

 

 

3,417

 

 

 

3,015

 

 

 

3,020

 

 

(3

)

 

4

 

 

 

6,363

 

 

 

6,058

 

 

5

 

Income from continuing operations before income taxes

 

 

121

 

 

 

1,260

 

 

 

1,026

 

 

 

1,659

 

 

 

1,122

 

 

(90

)

 

(89

)

 

 

1,381

 

 

 

1,843

 

 

(25

)

Income tax provision

 

 

30

 

 

 

299

 

 

 

241

 

 

 

393

 

 

 

265

 

 

(90

)

 

(89

)

 

 

329

 

 

 

437

 

 

(25

)

Income from continuing operations, net of tax

 

$

91

 

 

$

961

 

 

$

785

 

 

$

1,266

 

 

$

857

 

 

(91

)

 

(89

)

 

$

1,052

 

 

$

1,406

 

 

(25

)

Selected performance metrics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period-end loans held for investment

 

$

153,895

 

 

$

150,594

 

 

$

154,547

 

 

$

146,783

 

 

$

142,491

 

 

2

 

 

8

 

 

$

153,895

 

 

$

142,491

 

 

8

 

Average loans held for investment

 

 

150,467

 

 

 

149,645

 

 

 

148,627

 

 

 

144,049

 

 

 

138,762

 

 

1

 

 

8

 

 

 

150,056

 

 

 

136,727

 

 

10

 

Average yield on loans outstanding(1)

 

 

18.79

%

 

 

18.84

%

 

 

18.96

%

 

 

19.02

%

 

 

18.17

%

 

(5)

bps

 

62

bps

 

 

18.82

%

 

 

18.07

%

 

75

bps

Total net revenue margin(10)

 

 

18.03

 

 

 

17.99

 

 

 

18.24

 

 

 

18.40

 

 

 

17.95

 

 

4

 

 

8

 

 

 

18.01

 

 

 

17.91

 

 

10

 

Net charge-off rate

 

 

6.00

 

 

 

5.90

 

 

 

5.33

 

 

 

4.42

 

 

 

4.41

 

 

10

 

 

159

 

 

 

5.95

 

 

 

4.24

 

 

171

 

30+ day performing delinquency rate

 

 

4.16

 

 

 

4.50

 

 

 

4.61

 

 

 

4.32

 

 

 

3.77

 

 

(34

)

 

39

 

 

 

4.16

 

 

 

3.77

 

 

39

 

30+ day delinquency rate

 

 

4.17

 

 

 

4.50

 

 

 

4.62

 

 

 

4.32

 

 

 

3.77

 

 

(33

)

 

40

 

 

 

4.17

 

 

 

3.77

 

 

40

 

Nonperforming loan rate(5)

 

 

0.01

 

 

 

0.01

 

 

 

0.01

 

 

 

0.01

 

 

 

0.01

 

 

 

 

 

 

 

0.01

 

 

 

0.01

 

 

 

Purchase volume(11)

 

$

165,143

 

 

$

150,171

 

 

$

162,055

 

 

$

158,640

 

 

$

157,937

 

 

10

%

 

5

%

 

$

315,314

 

 

$

299,595

 

 

5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 Q2 vs.

 

Six Months Ended June 30,

(Dollars in millions, except as noted)

 

2024

Q2

 

2024

Q1

 

2023

Q4

 

2023

Q3

 

2023

Q2

 

2024

Q1

 

2023

Q2

 

 

2024

 

 

 

2023

 

 

2024 vs.

2023

Domestic Card

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

5,001

 

 

$

4,972

 

 

$

4,940

 

 

$

4,827

 

 

$

4,453

 

 

1

%

 

12

%

 

$

9,973

 

 

$

8,843

 

 

13

%

Non-interest income

 

 

1,440

 

 

 

1,411

 

 

 

1,498

 

 

 

1,445

 

 

 

1,431

 

 

2

 

 

1

 

 

 

2,851

 

 

 

2,729

 

 

4

 

Total net revenue(12)

 

 

6,441

 

 

 

6,383

 

 

 

6,438

 

 

 

6,272

 

 

 

5,884

 

 

1

 

 

9

 

 

 

12,824

 

 

 

11,572

 

 

11

 

Provision for credit losses

 

 

3,435

 

 

 

2,157

 

 

 

2,238

 

 

 

1,861

 

 

 

1,995

 

 

59

 

 

72

 

 

 

5,592

 

 

 

4,169

 

 

34

 

Non-interest expense

 

 

2,946

 

 

 

3,025

 

 

 

3,186

 

 

 

2,810

 

 

 

2,805

 

 

(3

)

 

5

 

 

 

5,971

 

 

 

5,652

 

 

6

 

Income from continuing operations before income taxes

 

 

60

 

 

 

1,201

 

 

 

1,014

 

 

 

1,601

 

 

 

1,084

 

 

(95

)

 

(94

)

 

 

1,261

 

 

 

1,751

 

 

(28

)

Income tax provision

 

 

15

 

 

 

283

 

 

 

239

 

 

 

378

 

 

 

256

 

 

(95

)

 

(94

)

 

 

298

 

 

 

413

 

 

(28

)

Income from continuing operations, net of tax

 

$

45

 

 

$

918

 

 

$

775

 

 

$

1,223

 

 

$

828

 

 

(95

)

 

(95

)

 

$

963

 

 

$

1,338

 

 

(28

)

Selected performance metrics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period-end loans held for investment

 

$

147,065

 

 

$

143,861

 

 

$

147,666

 

 

$

140,320

 

 

$

135,975

 

 

2

 

 

8

 

 

$

147,065

 

 

$

135,975

 

 

8

 

Average loans held for investment

 

 

143,744

 

 

 

142,887

 

 

 

142,112

 

 

 

137,500

 

 

 

132,505

 

 

1

 

 

8

 

 

 

143,316

 

 

 

130,544

 

 

10

 

Average yield on loans outstanding(1)

 

 

18.73

%

 

 

18.76

%

 

 

18.88

%

 

 

18.96

%

 

 

18.07

%

 

(3)

bps

 

66

bps

 

 

18.75

%

 

 

17.98

%

 

77

bps

Total net revenue margin(10)(12)

 

 

17.87

 

 

 

17.82

 

 

 

18.07

 

 

 

18.24

 

 

 

17.76

 

 

5

 

 

11

 

 

 

17.85

 

 

 

17.73

 

 

12

 

Net charge-off rate(3)(4)

 

 

6.05

 

 

 

5.94

 

 

 

5.35

 

 

 

4.40

 

 

 

4.38

 

 

11

 

 

167

 

 

 

5.99

 

 

 

4.21

 

 

178

 

30+ day performing delinquency rate

 

 

4.14

 

 

 

4.48

 

 

 

4.61

 

 

 

4.31

 

 

 

3.74

 

 

(34

)

 

40

 

 

 

4.14

 

 

 

3.74

 

 

40

 

Purchase volume(11)

 

$

161,370

 

 

$

146,696

 

 

$

158,290

 

 

$

154,880

 

 

$

154,184

 

 

10

%

 

5

%

 

$

308,066

 

 

$

292,494

 

 

5

%

Refreshed FICO scores:(13)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greater than 660

 

 

69

%

 

 

68

%

 

 

68

%

 

 

69

%

 

 

69

%

 

1

 

 

 

 

 

69

%

 

 

69

%

 

 

660 or below

 

 

31

 

 

 

32

 

 

 

32

 

 

 

31

 

 

 

31

 

 

(1

)

 

 

 

 

31

 

 

 

31

 

 

 

Total

 

 

100

%

 

 

100

%

 

 

100

%

 

 

100

%

 

 

100

%

 

 

 

 

 

 

100

%

 

 

100

%

 

 

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 11: Financial & Statistical Summary—Consumer Banking Business

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 Q2 vs.

 

Six Months Ended June 30,

(Dollars in millions, except as noted)

 

2024

Q2

 

2024

Q1

 

2023

Q4

 

2023

Q3

 

2023

Q2

 

2024

Q1

 

2023

Q2

 

 

2024

 

 

 

2023

 

 

2024 vs.

2023

Consumer Banking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

2,025

 

 

$

2,011

 

 

$

1,951

 

 

$

2,133

 

 

$

2,269

 

 

1

%

 

(11

)%

 

$

4,036

 

 

$

4,629

 

 

(13

)%

Non-interest income

 

 

172

 

 

 

159

 

 

 

163

 

 

 

142

 

 

 

149

 

 

8

 

 

15

 

 

 

331

 

 

 

284

 

 

17

 

Total net revenue

 

 

2,197

 

 

 

2,170

 

 

 

2,114

 

 

 

2,275

 

 

 

2,418

 

 

1

 

 

(9

)

 

 

4,367

 

 

 

4,913

 

 

(11

)

Provision for credit losses

 

 

330

 

 

 

426

 

 

 

422

 

 

 

213

 

 

 

259

 

 

(23

)

 

27

 

 

 

756

 

 

 

534

 

 

42

 

Non-interest expense

 

 

1,250

 

 

 

1,246

 

 

 

1,402

 

 

 

1,262

 

 

 

1,231

 

 

 

 

2

 

 

 

2,496

 

 

 

2,514

 

 

(1

)

Income from continuing operations before income taxes

 

 

617

 

 

 

498

 

 

 

290

 

 

 

800

 

 

 

928

 

 

24

 

 

(34

)

 

 

1,115

 

 

 

1,865

 

 

(40

)

Income tax provision

 

 

146

 

 

 

117

 

 

 

68

 

 

 

189

 

 

 

219

 

 

25

 

 

(33

)

 

 

263

 

 

 

440

 

 

(40

)

Income from continuing operations, net of tax

 

$

471

 

 

$

381

 

 

$

222

 

 

$

611

 

 

$

709

 

 

24

 

 

(34

)

 

$

852

 

 

$

1,425

 

 

(40

)

Selected performance metrics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period-end loans held for investment

 

$

75,663

 

 

$

75,099

 

 

$

75,437

 

 

$

76,844

 

 

$

77,280

 

 

1

 

 

(2

)

 

$

75,663

 

 

$

77,280

 

 

(2

)

Average loans held for investment

 

 

75,386

 

 

 

75,092

 

 

 

76,238

 

 

 

77,154

 

 

 

77,698

 

 

 

 

(3

)

 

 

75,239

 

 

 

78,343

 

 

(4

)

Average yield on loans held for investment(1)

 

 

8.54

%

 

 

8.33

%

 

 

8.17

%

 

 

7.97

%

 

 

7.65

%

 

21

bps

 

89

bps

 

 

8.44

%

 

 

7.52

%

 

92

bps

Auto loan originations

 

$

8,463

 

 

$

7,522

 

 

$

6,157

 

 

$

7,452

 

 

$

7,160

 

 

13

%

 

18

%

 

$

15,985

 

 

$

13,371

 

 

20

%

Period-end deposits

 

 

305,422

 

 

 

300,806

 

 

 

296,171

 

 

 

290,789

 

 

 

286,174

 

 

2

 

 

7

 

 

 

305,422

 

 

 

286,174

 

 

7

 

Average deposits

 

 

300,794

 

 

 

294,448

 

 

 

291,486

 

 

 

287,457

 

 

 

285,647

 

 

2

 

 

5

 

 

 

297,621

 

 

 

282,229

 

 

5

 

Average deposits interest rate

 

 

3.22

%

 

 

3.15

%

 

 

3.06

%

 

 

2.85

%

 

 

2.46

%

 

7

bps

 

76

bps

 

 

3.19

%

 

 

2.21

%

 

98

bps

Net charge-off rate

 

 

1.87

 

 

 

2.03

 

 

 

2.25

 

 

 

1.81

 

 

 

1.43

 

 

(16

)

 

44

 

 

 

1.95

 

 

 

1.50

 

 

45

 

30+ day performing delinquency rate

 

 

5.60

 

 

 

5.21

 

 

 

6.25

 

 

 

5.55

 

 

 

5.30

 

 

39

 

 

30

 

 

 

5.60

 

 

 

5.30

 

 

30

 

30+ day delinquency rate

 

 

6.35

 

 

 

5.86

 

 

 

7.08

 

 

 

6.27

 

 

 

5.95

 

 

49

 

 

40

 

 

 

6.35

 

 

 

5.95

 

 

40

 

Nonperforming loan rate(5)

 

 

0.92

 

 

 

0.83

 

 

 

1.00

 

 

 

0.89

 

 

 

0.82

 

 

9

 

 

10

 

 

 

0.92

 

 

 

0.82

 

 

10

 

Nonperforming asset rate(6)

 

 

0.99

 

 

 

0.91

 

 

 

1.09

 

 

 

0.96

 

 

 

0.88

 

 

8

 

 

11

 

 

 

0.99

 

 

 

0.88

 

 

11

 

Auto—At origination FICO scores:(14)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greater than 660

 

 

53

%

 

 

53

%

 

 

53

%

 

 

52

%

 

 

52

%

 

 

 

1

%

 

 

53

%

 

 

52

%

 

1

%

621 - 660

 

 

20

 

 

 

20

 

 

 

20

 

 

 

20

 

 

 

20

 

 

 

 

 

 

 

20

 

 

 

20

 

 

 

620 or below

 

 

27

 

 

 

27

 

 

 

27

 

 

 

28

 

 

 

28

 

 

 

 

(1

)

 

 

27

 

 

 

28

 

 

(1

)

Total

 

 

100

%

 

 

100

%

 

 

100

%

 

 

100

%

 

 

100

%

 

 

 

 

 

 

100

%

 

 

100

%

 

 

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 12: Financial & Statistical Summary—Commercial Banking Business

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 Q2 vs.

 

Six Months Ended June 30,

(Dollars in millions, except as noted)

 

2024

Q2

 

2024

Q1

 

2023

Q4

 

2023

Q3

 

2023

Q2

 

2024

Q1

 

2023

Q2

 

 

2024

 

 

 

2023

 

 

2024 vs.

2023

Commercial Banking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

609

 

 

$

599

 

 

$

617

 

 

$

621

 

 

$

632

 

 

2

%

 

(4

)%

 

$

1,208

 

 

$

1,280

 

 

(6

)%

Non-interest income

 

 

271

 

 

 

281

 

 

 

245

 

 

 

288

 

 

 

257

 

 

(4

)

 

5

 

 

 

552

 

 

 

469

 

 

18

 

Total net revenue(9)

 

 

880

 

 

 

880

 

 

 

862

 

 

 

909

 

 

 

889

 

 

 

 

(1

)

 

 

1,760

 

 

 

1,749

 

 

1

 

Provision (benefit) for credit losses

 

 

34

 

 

 

(2

)

 

 

84

 

 

 

116

 

 

 

146

 

 

**

 

(77

)

 

 

32

 

 

 

405

 

 

(92

)

Non-interest expense

 

 

483

 

 

 

515

 

 

 

487

 

 

 

512

 

 

 

482

 

 

(6

)

 

 

 

 

998

 

 

 

1,012

 

 

(1

)

Income from continuing operations before income taxes

 

 

363

 

 

 

367

 

 

 

291

 

 

 

281

 

 

 

261

 

 

(1

)

 

39

 

 

 

730

 

 

 

332

 

 

120

 

Income tax provision

 

 

85

 

 

 

87

 

 

 

68

 

 

 

67

 

 

 

61

 

 

(2

)

 

39

 

 

 

172

 

 

 

78

 

 

121

 

Income from continuing operations, net of tax

 

$

278

 

 

$

280

 

 

$

223

 

 

$

214

 

 

$

200

 

 

(1

)

 

39

 

 

$

558

 

 

$

254

 

 

120

 

Selected performance metrics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period-end loans held for investment

 

$

88,628

 

 

$

89,461

 

 

$

90,488

 

 

$

91,153

 

 

$

91,552

 

 

(1

)

 

(3

)

 

$

88,628

 

 

$

91,552

 

 

(3

)

Average loans held for investment

 

 

89,035

 

 

 

89,877

 

 

 

91,025

 

 

 

91,556

 

 

 

93,195

 

 

(1

)

 

(4

)

 

 

89,456

 

 

 

93,641

 

 

(4

)

Average yield on loans held for investment(1)(9)

 

 

7.23

%

 

 

7.14

%

 

 

7.24

%

 

 

7.16

%

 

 

6.75

%

 

9

bps

 

48

bps

 

 

7.18

%

 

 

6.53

%

 

65

bps

Period-end deposits

 

$

29,210

 

 

$

31,082

 

 

$

32,712

 

 

$

36,035

 

 

$

36,793

 

 

(6

)%

 

(21

)%

 

$

29,210

 

 

$

36,793

 

 

(21

)%

Average deposits

 

 

30,810

 

 

 

31,844

 

 

 

34,525

 

 

 

37,279

 

 

 

37,960

 

 

(3

)

 

(19

)

 

 

31,327

 

 

 

38,945

 

 

(20

)

Average deposits interest rate

 

 

2.55

%

 

 

2.65

%

 

 

2.79

%

 

 

2.93

%

 

 

2.68

%

 

(10)

bps

 

(13)

bps

 

 

2.60

%

 

 

2.51

%

 

9

bps

Net charge-off rate

 

 

0.15

 

 

 

0.13

 

 

 

0.53

 

 

 

0.25

 

 

 

1.62

 

 

2

 

 

(147

)

 

 

0.14

 

 

 

0.85

 

 

(71

)

Nonperforming loan rate(5)

 

 

1.46

 

 

 

1.28

 

 

 

0.84

 

 

 

0.90

 

 

 

0.89

 

 

18

 

 

57

 

 

 

1.46

 

 

 

0.89

 

 

57

 

Nonperforming asset rate(6)

 

 

1.46

 

 

 

1.28

 

 

 

0.84

 

 

 

0.90

 

 

 

0.89

 

 

18

 

 

57

 

 

 

1.46

 

 

 

0.89

 

 

57

 

Risk category:(15)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncriticized

 

$

79,695

 

 

$

80,804

 

 

$

81,758

 

 

$

82,968

 

 

$

84,583

 

 

(1

)%

 

(6

)%

 

$

79,695

 

 

$

84,583

 

 

(6

)%

Criticized performing

 

 

7,639

 

 

 

7,509

 

 

 

7,969

 

 

 

7,363

 

 

 

6,158

 

 

2

 

 

24

 

 

 

7,639

 

 

 

6,158

 

 

24

 

Criticized nonperforming

 

 

1,294

 

 

 

1,148

 

 

 

761

 

 

 

822

 

 

 

811

 

 

13

 

 

60

 

 

 

1,294

 

 

 

811

 

 

60

 

Total commercial banking loans held for investment

 

$

88,628

 

 

$

89,461

 

 

$

90,488

 

 

$

91,153

 

 

$

91,552

 

 

(1

)

 

(3

)

 

$

88,628

 

 

$

91,552

 

 

(3

)

Risk category as a percentage of period-end loans held for investment:(15)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncriticized

 

 

89.92

%

 

 

90.33

%

 

 

90.35

%

 

 

91.02

%

 

 

92.38

%

 

(41)

bps

 

(246)

bps

 

 

89.92

%

 

 

92.38

%

 

(246)

bps

Criticized performing

 

 

8.62

 

 

 

8.39

 

 

 

8.81

 

 

 

8.08

 

 

 

6.73

 

 

23

 

 

189

 

 

 

8.62

 

 

 

6.73

 

 

189

 

Criticized nonperforming

 

 

1.46

 

 

 

1.28

 

 

 

0.84

 

 

 

0.90

 

 

 

0.89

 

 

18

 

 

57

 

 

 

1.46

 

 

 

0.89

 

 

57

 

Total commercial banking loans

 

 

100.00

%

 

 

100.00

%

 

 

100.00

%

 

 

100.00

%

 

 

100.00

%

 

 

 

 

 

 

100.00

%

 

 

100.00

%

 

 

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 13: Financial & Statistical Summary—Other and Total

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 Q2 vs.

 

Six Months Ended June 30,

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2023

 

 

2024

 

2023

 

 

 

 

 

2024 vs.

(Dollars in millions)

 

Q2

 

Q1

 

Q4

 

Q3

 

Q2

 

Q1

 

Q2

 

 

2024

 

 

 

2023

 

 

2023

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest loss

 

$

(382

)

 

$

(394

)

 

$

(280

)

 

$

(445

)

 

$

(515

)

 

(3

)%

 

(26

)%

 

$

(776

)

 

$

(994

)

 

(22

)%

Non-interest income (loss)

 

 

11

 

 

 

(2

)

 

 

14

 

 

 

 

 

 

(6

)

 

**

 

**

 

 

9

 

 

 

1

 

 

**

Total net loss(9)

 

 

(371

)

 

 

(396

)

 

 

(266

)

 

 

(445

)

 

 

(521

)

 

(6

)

 

(29

)

 

 

(767

)

 

 

(993

)

 

(23

)

Provision (benefit) for credit losses

 

 

 

 

 

 

 

 

(2

)

 

 

2

 

 

 

1

 

 

 

 

**

 

 

 

 

 

1

 

 

**

Non-interest expense(16)(17)

 

 

79

 

 

 

147

 

 

 

411

 

 

 

71

 

 

 

61

 

 

(46

)

 

30

 

 

 

226

 

 

 

155

 

 

46

 

Loss from continuing operations before income taxes

 

 

(450

)

 

 

(543

)

 

 

(675

)

 

 

(518

)

 

 

(583

)

 

(17

)

 

(23

)

 

 

(993

)

 

 

(1,149

)

 

(14

)

Income tax benefit

 

 

(207

)

 

 

(201

)

 

 

(151

)

 

 

(217

)

 

 

(248

)

 

3

 

 

(17

)

 

 

(408

)

 

 

(455

)

 

(10

)

Loss from continuing operations, net of tax

 

$

(243

)

 

$

(342

)

 

$

(524

)

 

$

(301

)

 

$

(335

)

 

(29

)

 

(27

)

 

$

(585

)

 

$

(694

)

 

(16

)

Selected performance metrics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period-end deposits

 

$

16,810

 

 

$

19,081

 

 

$

19,530

 

 

$

19,187

 

 

$

20,738

 

 

(12

)

 

(19

)

 

$

16,810

 

 

$

20,738

 

 

(19

)

Average deposits

 

 

17,884

 

 

 

19,365

 

 

 

19,317

 

 

 

20,277

 

 

 

20,071

 

 

(8

)

 

(11

)

 

 

18,624

 

 

 

20,736

 

 

(10

)

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

7,546

 

 

$

7,488

 

 

$

7,519

 

 

$

7,423

 

 

$

7,113

 

 

1

%

 

6

%

 

$

15,034

 

 

$

14,299

 

 

5

%

Non-interest income

 

 

1,960

 

 

 

1,914

 

 

 

1,987

 

 

 

1,943

 

 

 

1,899

 

 

2

 

 

3

 

 

 

3,874

 

 

 

3,616

 

 

7

 

Total net revenue

 

 

9,506

 

 

 

9,402

 

 

 

9,506

 

 

 

9,366

 

 

 

9,012

 

 

1

 

 

5

 

 

 

18,908

 

 

 

17,915

 

 

6

 

Provision for credit losses

 

 

3,909

 

 

 

2,683

 

 

 

2,857

 

 

 

2,284

 

 

 

2,490

 

 

46

 

 

57

 

 

 

6,592

 

 

 

5,285

 

 

25

 

Non-interest expense

 

 

4,946

 

 

 

5,137

 

 

 

5,717

 

 

 

4,860

 

 

 

4,794

 

 

(4

)

 

3

 

 

 

10,083

 

 

 

9,739

 

 

4

 

Income from continuing operations before income taxes

 

 

651

 

 

 

1,582

 

 

 

932

 

 

 

2,222

 

 

 

1,728

 

 

(59

)

 

(62

)

 

 

2,233

 

 

 

2,891

 

 

(23

)

Income tax provision

 

 

54

 

 

 

302

 

 

 

226

 

 

 

432

 

 

 

297

 

 

(82

)

 

(82

)

 

 

356

 

 

 

500

 

 

(29

)

Income from continuing operations, net of tax

 

$

597

 

 

$

1,280

 

 

$

706

 

 

$

1,790

 

 

$

1,431

 

 

(53

)

 

(58

)

 

$

1,877

 

 

$

2,391

 

 

(21

)

Selected performance metrics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period-end loans held for investment

 

$

318,186

 

 

$

315,154

 

 

$

320,472

 

 

$

314,780

 

 

$

311,323

 

 

1

 

 

2

 

 

$

318,186

 

 

$

311,323

 

 

2

 

Average loans held for investment

 

 

314,888

 

 

 

314,614

 

 

 

315,890

 

 

 

312,759

 

 

 

309,655

 

 

 

 

2

 

 

 

314,751

 

 

 

308,711

 

 

2

 

Period-end deposits

 

 

351,442

 

 

 

350,969

 

 

 

348,413

 

 

 

346,011

 

 

 

343,705

 

 

 

 

2

 

 

 

351,442

 

 

 

343,705

 

 

2

 

Average deposits

 

 

349,488

 

 

 

345,657

 

 

 

345,328

 

 

 

345,013

 

 

 

343,678

 

 

1

 

 

2

 

 

 

347,572

 

 

 

341,910

 

 

2

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 14: Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)

 

(1)

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. Average yield is calculated using whole dollar values for average balances and interest income/expense. Accordingly, total interest earning assets less total interest bearing liabilities may not total net interest income/spread.

(2)

Includes amounts related to entities that provide capital to low-income and rural communities of $2.1 billion, $1.9 billion and $2.0 billion for the second quarter, first quarter and first six months of 2024, respectively, and $1.9 billion and $1.8 billion for the second quarter and first six months of 2023, respectively. Related interest expense was $8 million for the second and first quarters of 2024, and the second quarter of 2023, and $16 million for both the first six months of 2024 and 2023.

(3)

The termination of our Walmart program agreement, effective May 21, 2024, (“Walmart Program Termination”) increased the Domestic Card net charge-off rate by 19 basis points for Q2 2024. Excluding this impact, the Domestic Card net charge-off rate would have been 5.86%.

(4)

In December 2023, we recognized $18 million of incremental net charge-offs on certain loans in hardship programs from the one-time impact of operational delays, which increased the Q4 2023 net charge-off rate by approximately 5 basis points. Excluding this impact, the Q4 2023 net charge-off rate would have been 5.30%.

(5)

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. For Commercial Banking, loans categorized as nonperforming are considered criticized nonperforming.

(6)

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.

(7)

The Walmart Program Termination resulted in an allowance for credit losses build in Domestic Card of $826 million in the second quarter of 2024.

(8)

Primarily represents foreign currency translation adjustments.

(9)

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.

(10)

Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.

(11)

Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.

(12)

The Walmart Program Termination decreased Domestic Card net revenue by $27 million and reduced revenue margin by 8 bps. This was more than offset by higher income from the partial quarter effect of the end of the Walmart revenue sharing provisions which increased revenue margin by 18 bps. The net impact of these items on revenue margin was an increase of 10 bps.

(13)

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.

(14)

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.

(15)

Criticized exposures correspond to the “Special Mention,” “Substandard” and “Doubtful” asset categories defined by bank regulatory authorities.

(16)

Includes the impact of $8 million, $42 million and $289 million FDIC special assessment in Q2 2024, Q1 2024 and Q4 2023, respectively.

(17)

Includes the impact of $31 million in Discover integration expenses in Q2 2024, as well as any charges incurred as a result of restructuring activities for the periods presented.

**

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)

 

June 30,

2024

 

March 31,

2024

 

December 31,

2023

 

September 30,

2023

 

June 30,

2023

Regulatory Capital Metrics

 

 

 

 

 

 

 

 

 

 

Common equity excluding AOCI

 

$

63,435

 

 

$

63,088

 

 

$

62,710

 

 

$

62,245

 

 

$

60,729

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

AOCI, net of tax(2)

 

 

13

 

 

 

14

 

 

 

27

 

 

 

(9

)

 

 

31

 

Goodwill, net of related deferred tax liabilities

 

 

(14,800

)

 

 

(14,804

)

 

 

(14,811

)

 

 

(14,797

)

 

 

(14,813

)

Other Intangible and deferred tax assets, net of deferred tax liabilities

 

 

(271

)

 

 

(291

)

 

 

(311

)

 

 

(333

)

 

 

(358

)

Common equity Tier 1 capital

 

$

48,377

 

 

$

48,007

 

 

$

47,615

 

 

$

47,106

 

 

$

45,589

 

Tier 1 capital

 

$

53,222

 

 

$

52,852

 

 

$

52,460

 

 

$

51,952

 

 

$

50,434

 

Total capital(3)

 

 

59,876

 

 

 

59,484

 

 

 

59,124

 

 

 

58,844

 

 

 

57,607

 

Risk-weighted assets

 

 

367,068

 

 

 

366,161

 

 

 

369,206

 

 

 

362,962

 

 

 

359,613

 

Adjusted average assets(4)

 

 

470,915

 

 

 

468,030

 

 

 

467,553

 

 

 

464,286

 

 

 

459,732

 

Capital Ratios

 

 

 

 

 

 

 

 

 

 

Common equity Tier 1 capital(5)

 

 

13.2

%

 

 

13.1

%

 

 

12.9

%

 

 

13.0

%

 

 

12.7

%

Tier 1 capital(6)

 

 

14.5

 

 

 

14.4

 

 

 

14.2

 

 

 

14.3

 

 

 

14.0

 

Total capital(7)

 

 

16.3

 

 

 

16.2

 

 

 

16.0

 

 

 

16.2

 

 

 

16.0

 

Tier 1 leverage(4)

 

 

11.3

 

 

 

11.3

 

 

 

11.2

 

 

 

11.2

 

 

 

11.0

 

TCE(8)

 

 

8.2

 

 

 

8.1

 

 

 

8.2

 

 

 

7.3

 

 

 

7.6

 

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, however, they may not be comparable to similarly-titled measures reported by other companies. 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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30,

(Dollars in millions, except per share data and as noted)

 

2024

Q2

 

2024

Q1

 

2023

Q4

 

2023

Q3

 

2023

Q2

 

 

2024

 

 

 

2023

 

Adjusted diluted earnings per share (“EPS”):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders (GAAP)

 

$

531

 

 

$

1,200

 

 

$

639

 

 

$

1,705

 

 

$

1,351

 

 

$

1,731

 

 

$

2,238

 

Allowance build for Walmart program agreement loss sharing termination

 

 

826

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

826

 

 

 

 

Walmart program agreement termination contra revenue impact

 

 

27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27

 

 

 

 

Discover integration expenses

 

 

31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31

 

 

 

 

FDIC special assessment

 

 

8

 

 

 

42

 

 

 

289

 

 

 

 

 

 

 

 

 

50

 

 

 

 

Adjusted net income available to common stockholders before income tax impacts (non-GAAP)

 

 

1,423

 

 

 

1,242

 

 

 

928

 

 

 

1,705

 

 

 

1,351

 

 

 

2,665

 

 

 

2,238

 

Income tax impacts

 

 

(218

)

 

 

(10

)

 

 

(70

)

 

 

 

 

 

 

 

 

(228

)

 

 

 

Adjusted net income available to common stockholders (non-GAAP)

 

$

1,205

 

 

$

1,232

 

 

$

858

 

 

$

1,705

 

 

$

1,351

 

 

$

2,437

 

 

$

2,238

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted-average common shares outstanding (in millions) (GAAP)

 

 

383.9

 

 

 

383.4

 

 

 

382.8

 

 

 

383.3

 

 

 

383.7

 

 

 

383.7

 

 

 

383.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted EPS (GAAP)

 

$

1.38

 

 

$

3.13

 

 

$

1.67

 

 

$

4.45

 

 

$

3.52

 

 

$

4.51

 

 

$

5.83

 

Impact of adjustments noted above

 

 

1.76

 

 

 

0.08

 

 

 

0.57

 

 

 

 

 

 

 

 

 

1.84

 

 

 

 

Adjusted diluted EPS (non-GAAP)

 

$

3.14

 

 

$

3.21

 

 

$

2.24

 

 

$

4.45

 

 

$

3.52

 

 

$

6.35

 

 

$

5.83

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted efficiency ratio:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense (GAAP)

 

$

4,946

 

 

$

5,137

 

 

$

5,717

 

 

$

4,860

 

 

$

4,794

 

 

$

10,083

 

 

$

9,739

 

Discover integration expenses

 

 

(31

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(31

)

 

 

 

FDIC special assessment

 

 

(8

)

 

 

(42

)

 

 

(289

)

 

 

 

 

 

 

 

 

(50

)

 

 

 

Adjusted non-interest expense (non-GAAP)

 

$

4,907

 

 

$

5,095

 

 

$

5,428

 

 

$

4,860

 

 

$

4,794

 

 

$

10,002

 

 

$

9,739

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total net revenue (GAAP)

 

$

9,506

 

 

$

9,402

 

 

$

9,506

 

 

$

9,366

 

 

$

9,012

 

 

$

18,908

 

 

$

17,915

 

Walmart program agreement termination contra revenue impact

 

 

27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27

 

 

 

 

Adjusted net revenue (non-GAAP)

 

$

9,533

 

 

$

9,402

 

 

$

9,506

 

 

$

9,366

 

 

$

9,012

 

 

$

18,935

 

 

$

17,915

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio (GAAP)

 

 

52.03

%

 

 

54.64

%

 

 

60.14

%

 

 

51.89

%

 

 

53.20

%

 

 

53.33

%

 

 

54.36

%

Impact of adjustments noted above

 

(56) bps

 

(45) bps

 

(304) bps

 

 

 

 

 

 

 

(51) bps

 

 

 

Adjusted efficiency ratio (non-GAAP)

 

 

51.47

%

 

 

54.19

%

 

 

57.10

%

 

 

51.89

%

 

 

53.20

%

 

 

52.82

%

 

 

54.36

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted operating efficiency ratio:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expense (GAAP)

 

$

3,882

 

 

$

4,127

 

 

$

4,463

 

 

$

3,888

 

 

$

3,908

 

 

$

8,009

 

 

$

7,956

 

Discover integration expenses

 

 

(31

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(31

)

 

 

 

FDIC special assessment

 

 

(8

)

 

 

(42

)

 

 

(289

)

 

 

 

 

 

 

 

 

(50

)

 

 

 

Adjusted operating expense (non-GAAP)

 

$

3,843

 

 

$

4,085

 

 

$

4,174

 

 

$

3,888

 

 

$

3,908

 

 

$

7,928

 

 

$

7,956

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total net revenue (GAAP)

 

 

9,506

 

 

$

9,402

 

 

$

9,506

 

 

$

9,366

 

 

$

9,012

 

 

$

18,908

 

 

$

17,915

 

Walmart program agreement termination revenue impact

 

 

27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27

 

 

 

 

Adjusted net revenue (non-GAAP)

 

$

9,533

 

 

$

9,402

 

 

$

9,506

 

 

$

9,366

 

 

$

9,012

 

 

$

18,935

 

 

$

17,915

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating efficiency ratio (GAAP)

 

 

40.84

%

 

 

43.89

%

 

 

46.95

%

 

 

41.51

%

 

 

43.36

%

 

 

42.36

%

 

 

44.41

%

Impact of adjustments noted above

 

(53) bps

 

(44) bps

 

(304) bps

 

— bps

 

— bps

 

(49) bps

 

— bps

Adjusted operating efficiency ratio (non-GAAP)

 

 

40.31

%

 

 

43.45

%

 

 

43.91

%

 

 

41.51

%

 

 

43.36

%

 

 

41.87

%

 

 

44.41

%

Reconciliation of Non-GAAP Measures

The following summarizes our non-GAAP measures. While these non-GAAP measures are widely used by investors, analysts and bank regulatory agencies to assess the operating performance and capital position of financial services companies, they may not be comparable to similarly-titled measures reported by other companies. The following table presents reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2023

 

(Dollars in millions)

 

Q2

 

Q1

 

Q4

 

Q3

 

Q2

Pre- Provision Earnings

 

 

 

 

 

 

 

 

 

 

Total net revenue

 

$

9,506

 

 

$

9,402

 

 

$

9,506

 

 

$

9,366

 

 

$

9,012

 

Non-interest expense

 

 

(4,946

)

 

 

(5,137

)

 

 

(5,717

)

 

 

(4,860

)

 

 

(4,794

)

Pre-provision earnings(9)

 

$

4,560

 

 

$

4,265

 

 

$

3,789

 

 

$

4,506

 

 

$

4,218

 

Tangible Common Equity (Period-End)

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity

 

$

57,981

 

 

$

57,801

 

 

$

58,089

 

 

$

53,668

 

 

$

54,559

 

Goodwill and other intangible assets(10)

 

 

(15,226

)

 

 

(15,257

)

 

 

(15,289

)

 

 

(15,308

)

 

 

(15,356

)

Noncumulative perpetual preferred stock

 

 

(4,845

)

 

 

(4,845

)

 

 

(4,845

)

 

 

(4,845

)

 

 

(4,845

)

Tangible common equity(11)

 

$

37,910

 

 

$

37,699

 

 

$

37,955

 

 

$

33,515

 

 

$

34,358

 

Tangible Common Equity (Average)

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity

 

$

58,107

 

 

$

57,998

 

 

$

55,632

 

 

$

55,012

 

 

$

55,357

 

Goodwill and other intangible assets(10)

 

 

(15,249

)

 

 

(15,280

)

 

 

(15,304

)

 

 

(15,348

)

 

 

(15,187

)

Noncumulative perpetual preferred stock

 

 

(4,845

)

 

 

(4,845

)

 

 

(4,845

)

 

 

(4,845

)

 

 

(4,845

)

Tangible common equity(11)

 

$

38,013

 

 

$

37,873

 

 

$

35,483

 

 

$

34,819

 

 

$

35,325

 

Return on Tangible Common Equity (Average)

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders

 

$

531

 

 

$

1,200

 

 

$

639

 

 

$

1,705

 

 

$

1,351

 

Tangible common equity (Average)

 

 

38,013

 

 

 

37,873

 

 

 

35,483

 

 

 

34,819

 

 

 

35,325

 

Return on tangible common equity(11)(12)

 

 

5.59

%

 

 

12.67

%

 

 

7.20

%

 

 

19.59

%

 

 

15.30

%

Tangible Assets (Period-End)

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

480,018

 

 

$

481,720

 

 

$

478,464

 

 

$

471,435

 

 

$

467,800

 

Goodwill and other intangible assets(10)

 

 

(15,226

)

 

 

(15,257

)

 

 

(15,289

)

 

 

(15,308

)

 

 

(15,356

)

Tangible assets(11)

 

$

464,792

 

 

$

466,463

 

 

$

463,175

 

 

$

456,127

 

 

$

452,444

 

 

 

 

2024

 

 

 

2024

 

 

 

2023

 

 

 

2023

 

 

 

2023

 

(Dollars in millions)

 

Q2

 

Q1

 

Q4

 

Q3

 

Q2

Tangible Assets (Average)

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

477,285

 

 

$

474,995

 

 

$

472,594

 

 

$

469,860

 

 

$

466,652

 

Goodwill and other intangible assets(10)

 

 

(15,249

)

 

 

(15,280

)

 

 

(15,304

)

 

 

(15,348

)

 

 

(15,187

)

Tangible assets(11)

 

$

462,036

 

 

$

459,715

 

 

$

457,290

 

 

$

454,512

 

 

$

451,465

 

Return on Tangible Assets (Average)

 

 

 

 

 

 

 

 

 

 

Net income

 

$

597

 

 

$

1,280

 

 

$

706

 

 

$

1,790

 

 

$

1,431

 

Tangible Assets (Average)

 

 

462,036

 

 

 

459,715

 

 

 

457,290

 

 

 

454,512

 

 

 

451,465

 

Return on tangible assets(11)(13)

 

 

0.52

%

 

 

1.11

%

 

 

0.62

%

 

 

1.58

%

 

 

1.27

%

TCE Ratio

 

 

 

 

 

 

 

 

 

 

Tangible common equity (Period-end)

 

$

37,910

 

 

$

37,699

 

 

$

37,955

 

 

$

33,515

 

 

$

34,358

 

Tangible Assets (Period-end)

 

 

464,792

 

 

 

466,463

 

 

 

463,175

 

 

 

456,127

 

 

 

452,444

 

TCE Ratio(11)

 

 

8.2

%

 

 

8.1

%

 

 

8.2

%

 

 

7.3

%

 

 

7.6

%

Tangible Book Value per Common Share

 

 

 

 

 

 

 

 

 

 

Tangible common equity (Period-end)

 

$

37,910

 

 

$

37,699

 

 

$

37,955

 

 

$

33,515

 

 

$

34,358

 

Outstanding Common Shares

 

 

381.9

 

 

 

382.1

 

 

 

380.4

 

 

 

381.0

 

 

 

381.4

 

Tangible book value per common share(11)

 

$

99.28

 

 

$

98.67

 

 

$

99.78

 

 

$

87.97

 

 

$

90.07

 

____________

(1)

Regulatory capital metrics and capital ratios as of June 30, 2024 are preliminary and therefore subject to change.

(2)

Excludes certain components of AOCI in accordance with rules applicable to Category III institutions.

(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)

Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.

(10)

Includes impact of related deferred taxes.

(11)

Management believes that this financial metric is useful in assessing capital adequacy and the level of returns generated.

(12)

Return on average tangible common equity is a non-GAAP measure calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average TCE.

(13)

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.

 

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