MCLEAN, Va., Jan. 23, 2018 /PRNewswire/
-- Capital One Financial Corporation (NYSE: COF) today
announced net loss for the fourth quarter of 2017 of $971 million, or $2.17 per diluted common share, compared with net
income of $1.1 billion, or
$2.14 per diluted common share in the
third quarter of 2017, and with net income of $791 million, or $1.45 per diluted common share in the fourth
quarter of 2016. Excluding adjusting items, net income for the
fourth quarter of 2017 was $1.62 per
diluted common share(1).
"In 2017, we continued to grow loans and revenue. We improved
our efficiency. Our digital and technology transformation continued
to gain momentum. And, we delivered 7.4% EPS growth, net of
adjustments," said Richard D.
Fairbank, Founder, Chairman and Chief Executive
Officer. "Our 2017 results put us in a strong position to
continue to deliver attractive growth and returns over the
long-term."
Adjusting items in the fourth quarter of 2017, which are
excluded from diluted EPS and the efficiency ratio (see Table 15 in
our Financial Supplement for additional information):
|
Pre-Tax
|
Diluted
EPS
|
(Dollars in
millions, except per share data)
|
Impact
|
Impact
|
Impacts of the Tax
Act(2)
|
$
|
(1,769)
|
|
$
|
(3.61)
|
|
Restructuring
charges
|
(76)
|
|
(0.10)
|
|
Build in the U.K.
Payment Protection Insurance customer refund reserve ("U.K. PPI
Reserve")
|
(31)
|
|
(0.07)
|
|
Notable items in the fourth quarter of 2017 included:
|
Pre-Tax
|
Diluted
EPS
|
(Dollars in
millions, except per share data)
|
Impact
|
Impact
|
Mortgage
representation and warranty settlement (included in discontinued
operations)
|
$
|
(169)
|
|
$
|
(0.22)
|
|
Charges related to
our Commercial Taxi Medallion Lending portfolio
|
(113)
|
|
(0.15)
|
|
(1)
|
Amounts excluding
adjusting items are non-GAAP measures that we believe help
investors and users of our financial information understand the
effect of adjusting items on our selected reported results and
provide alternate measurements of our performance. See Table 15 in
Exhibit 99.2 for a reconciliation of our selected reported results
to these non-GAAP measures.
|
(2)
|
Tax Act refers to the
Act to provide for reconciliation pursuant to titles II and V of
the concurrent resolution on the budget for fiscal year
2018 enacted on December 22, 2017. This amount is a reasonable
estimate as of December 31, 2017, which may be adjusted during the
measurement period ending no later than December 2018.
|
All comparisons below are for the fourth quarter of 2017
compared with the third quarter of 2017 unless otherwise noted.
Fourth Quarter 2017 Income Statement Summary:
- Total net revenue remained substantially flat at $7.0 billion.
- Total non-interest expense increased 6 percent to $3.8 billion:
-
- 4 percent increase in operating expenses.
- 21 percent increase in marketing.
- Pre-provision earnings decreased 5 percent to $3.2 billion(2).
- Provision for credit losses increased 5 percent to $1.9 billion:
-
- Net charge-offs of $1.8
billion.
- $98 million reserve build.
- Net interest margin of 7.03 percent, down 5 basis points.
- Efficiency ratio of 53.89 percent.
-
- Efficiency ratio excluding adjusting items was 52.50
percent(1).
Fourth Quarter 2017 Balance Sheet Summary:
- Common equity Tier 1 capital ratio under Basel III Standardized
Approach of 10.3 percent at December 31,
2017.
- Period-end loans held for investment in the quarter increased
$2.1 billion, or 1 percent, to
$254.5 billion.
-
- Domestic Card period-end loans increased $5.3 billion, or 5 percent, to $105.3 billion.
- Consumer Banking period-end loans decreased $486 million, or 1 percent, to $75.1 billion:
-
- Auto period-end loans increased $701
million, or 1 percent, to $54.0
billion.
- Home loans period-end loans decreased $1.2 billion, or 6 percent, to $17.6 billion, primarily driven by run-off of
acquired portfolios.
- Commercial Banking period-end loans decreased $3.1 billion, or 5 percent, to $64.6 billion.
- Average loans held for investment in the quarter increased
$6.7 billion, or 3 percent, to
$252.6 billion.
-
- Domestic Card average loans increased $7.4 billion, or 8 percent, to $101.1 billion.
- Consumer Banking average loans decreased $74 million, or less than 1 percent, to
$75.3 billion:
-
- Auto average loans increased $1.1
billion, or 2 percent, to $53.7
billion.
- Home loans average loans decreased $1.2
billion, or 6 percent, to $18.1
billion, primarily driven by run-off of acquired
portfolios.
- Commercial Banking average loans decreased $659 million, or 1 percent, to $67.2 billion.
(1)
|
Amounts excluding
adjusting items are non-GAAP measures that we believe help
investors and users of our financial information understand the
effect of adjusting items on our selected reported results and
provide alternate measurements of our performance. See Table 15 in
Exhibit 99.2 for a reconciliation of our selected reported results
to these non-GAAP measures.
|
(2)
|
Pre-provision
earnings is calculated based on the sum of net interest income and
non-interest income, less non-interest expense for the
period.
|
- Period-end total deposits increased $4.6
billion, or 2 percent, to $243.7
billion, while average deposits increased $2.7 billion, or 1 percent, to $241.6 billion.
- Interest-bearing deposits rate paid increased 8 basis points to
0.85 percent.
All comparisons below are for the full year of 2017 compared
with the full year of 2016 unless otherwise noted.
2017 Full Year Income Statement Summary:
- Total net revenue increased 7 percent to $27.2 billion.
- Total non-interest expense increased 5 percent to $14.2 billion:
-
- 8 percent decrease in marketing.
- 7 percent increase in operating
expenses.
- Pre-provision earnings increased 9 percent to $13.0 billion(2).
- Provision for credit losses increased 17 percent to
$7.6 billion.
- Efficiency ratio of 52.11 percent.
-
- Efficiency ratio excluding adjusting items was 51.02
percent(1).
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on
January 23, 2018 at 5:00 PM Eastern
Time. The conference call will be accessible through live
webcast. Interested investors and other individuals can access the
webcast via the company's home page (www.capitalone.com). Choose
"About Us," then choose "Investors" to access the Investor Center
and view and/or download the earnings press release, the financial
supplement, including a reconciliation of non-GAAP financial
measures, and the earnings release presentation. The replay of the
webcast will be archived on the company's website through
February 6, 2018 at 5:00 PM Eastern
Time.
Forward-Looking Statements
Certain statements in this release may constitute
forward-looking statements, which involve a number of risks and
uncertainties. Capital One cautions readers that any
forward-looking information is not a guarantee of future
performance and that actual results could differ materially from
those contained in the forward-looking information due to a number
of factors, including those listed from time to time in reports
that Capital One files with the Securities and Exchange Commission,
including, but not limited to, the Annual Report on Form 10-K for
the year ended December 31, 2016.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a
financial holding company whose subsidiaries, which include Capital
One, N.A., and Capital One Bank (USA), N.A., had $243.7
billion in deposits and $365.7
billion in total assets as of December 31, 2017.
Headquartered in McLean, Virginia,
Capital One offers a broad spectrum of financial products and
services to consumers, small businesses and commercial clients
through a variety of channels. Capital One, N.A. has branches
located primarily in New York,
Louisiana, Texas, Maryland, Virginia, New
Jersey and the District of
Columbia. A Fortune 500 company, Capital One trades on the
New York Stock Exchange under the symbol "COF" and is included in
the S&P 100 index.
(1)
|
Amounts excluding
adjusting items are non-GAAP measures that we believe help
investors and users of our financial information understand the
effect of adjusting items on our selected reported results and
provide alternate measurements of our performance. See Table 15 in
Exhibit 99.2 for a reconciliation of our selected reported results
to these non-GAAP measures.
|
|
|
(2)
|
Pre-provision
earnings is calculated based on the sum of net interest income and
non-interest income, less non-interest expense for the
period.
|
Exhibit
99.2
|
|
Capital One
Financial Corporation
|
Financial
Supplement(1)(2)
|
Fourth
Quarter 2017
|
Table of
Contents
|
|
Capital One
Financial Corporation Consolidated Results
|
Page
|
|
Table
1:
|
Financial
Summary—Consolidated
|
1
|
|
Table
2:
|
Selected
Metrics—Consolidated
|
3
|
|
Table
3:
|
Consolidated
Statements of Income
|
4
|
|
Table
4:
|
Consolidated
Balance Sheets
|
6
|
|
Table
5:
|
Notes to Financial
Summary, Selected Metrics and Consolidated Financial Statements
(Tables 1—4)
|
8
|
|
Table
6:
|
Average Balances,
Net Interest Income and Net Interest Margin
|
10
|
|
Table
7:
|
Loan Information
and Performance Statistics
|
11
|
|
Table
8:
|
Allowance for Loan
and Lease Losses and Reserve for Unfunded Lending Commitments
Activity
|
13
|
Business Segment
Results
|
|
|
Table
9:
|
Financial
Summary—Business Segment Results
|
14
|
|
Table
10:
|
Financial &
Statistical Summary—Credit Card Business
|
15
|
|
Table
11:
|
Financial &
Statistical Summary—Consumer Banking Business
|
17
|
|
Table
12:
|
Financial &
Statistical Summary—Commercial Banking Business
|
18
|
|
Table
13:
|
Financial &
Statistical Summary—Other and Total
|
19
|
|
Table
14:
|
Notes to Loan,
Allowance and Business Segment Disclosures (Tables
7—13)
|
20
|
Other
|
|
|
Table
15:
|
Calculation of
Regulatory Capital Measures and Reconciliation of Non-GAAP
Measures
|
21
|
|
__________
|
(1)
|
The information
contained in this Financial Supplement is preliminary and based on
data available at the time of the earnings presentation. Investors
should refer to our Annual Report on Form 10-K for the period ended
December 31, 2017 once it is filed with the Securities and
Exchange Commission.
|
(2)
|
This Financial
Supplement includes non-GAAP measures. We believe these non-GAAP
measures are useful to investors and users of our financial
information as they provide an alternate measurement of our
performance and assist in assessing our capital adequacy and the
level of return generated. These non-GAAP measures should not be
viewed as a substitute for reported results determined in
accordance with generally accepted accounting principles in the
U.S. ("GAAP"), nor are they necessarily comparable to non-GAAP
measures that may be presented by other companies.
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 1: Financial
Summary—Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 Q4
vs.
|
|
Year Ended
December 31,
|
(Dollars in
millions, except per share data and as noted)
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
2017
vs.
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2017
|
|
2016
|
|
2016
|
Income
Statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
5,813
|
|
|
$
|
5,700
|
|
|
$
|
5,473
|
|
|
$
|
5,474
|
|
|
$
|
5,447
|
|
|
2
|
%
|
|
7
|
%
|
|
$
|
22,460
|
|
|
$
|
20,873
|
|
|
8
|
%
|
Non-interest
income
|
|
1,200
|
|
|
1,285
|
|
|
1,231
|
|
|
1,061
|
|
|
1,119
|
|
|
(7)
|
|
|
7
|
|
|
4,777
|
|
|
4,628
|
|
|
3
|
|
Total net
revenue(1)
|
|
7,013
|
|
|
6,985
|
|
|
6,704
|
|
|
6,535
|
|
|
6,566
|
|
|
—
|
|
|
7
|
|
|
27,237
|
|
|
25,501
|
|
|
7
|
|
Provision for credit
losses
|
|
1,926
|
|
|
1,833
|
|
|
1,800
|
|
|
1,992
|
|
|
1,752
|
|
|
5
|
|
|
10
|
|
|
7,551
|
|
|
6,459
|
|
|
17
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing
|
|
460
|
|
|
379
|
|
|
435
|
|
|
396
|
|
|
575
|
|
|
21
|
|
|
(20)
|
|
|
1,670
|
|
|
1,811
|
|
|
(8)
|
|
Operating
expenses
|
|
3,319
|
|
|
3,188
|
|
|
2,979
|
|
|
3,038
|
|
|
3,104
|
|
|
4
|
|
|
7
|
|
|
12,524
|
|
|
11,747
|
|
|
7
|
|
Total non-interest
expense
|
|
3,779
|
|
|
3,567
|
|
|
3,414
|
|
|
3,434
|
|
|
3,679
|
|
|
6
|
|
|
3
|
|
|
14,194
|
|
|
13,558
|
|
|
5
|
|
Income from
continuing operations before income taxes
|
|
1,308
|
|
|
1,585
|
|
|
1,490
|
|
|
1,109
|
|
|
1,135
|
|
|
(17)
|
|
|
15
|
|
|
5,492
|
|
|
5,484
|
|
|
—
|
|
Income tax
provision
|
|
2,170
|
|
|
448
|
|
|
443
|
|
|
314
|
|
|
342
|
|
|
**
|
|
**
|
|
3,375
|
|
|
1,714
|
|
|
97
|
|
Income (loss) from
continuing operations, net of tax
|
|
(862)
|
|
|
1,137
|
|
|
1,047
|
|
|
795
|
|
|
793
|
|
|
**
|
|
**
|
|
2,117
|
|
|
3,770
|
|
|
(44)
|
|
Income (loss) from
discontinued operations, net of tax(2)
|
|
(109)
|
|
|
(30)
|
|
|
(11)
|
|
|
15
|
|
|
(2)
|
|
|
**
|
|
**
|
|
(135)
|
|
|
(19)
|
|
|
**
|
Net income
(loss)
|
|
(971)
|
|
|
1,107
|
|
|
1,036
|
|
|
810
|
|
|
791
|
|
|
**
|
|
**
|
|
1,982
|
|
|
3,751
|
|
|
(47)
|
|
Dividends and
undistributed earnings allocated to participating
securities(3)
|
|
(1)
|
|
|
(8)
|
|
|
(8)
|
|
|
(5)
|
|
|
(6)
|
|
|
(88)
|
|
|
(83)
|
|
|
(13)
|
|
|
(24)
|
|
|
(46)
|
|
Preferred stock
dividends
|
|
(80)
|
|
|
(52)
|
|
|
(80)
|
|
|
(53)
|
|
|
(75)
|
|
|
54
|
|
|
7
|
|
|
(265)
|
|
|
(214)
|
|
|
24
|
|
Net income (loss)
available to common stockholders
|
|
$
|
(1,052)
|
|
|
$
|
1,047
|
|
|
$
|
948
|
|
|
$
|
752
|
|
|
$
|
710
|
|
|
**
|
|
**
|
|
$
|
1,704
|
|
|
$
|
3,513
|
|
|
(51)
|
|
Common Share
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share:(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
$
|
(1.95)
|
|
|
$
|
2.22
|
|
|
$
|
1.98
|
|
|
$
|
1.53
|
|
|
$
|
1.47
|
|
|
**
|
|
**
|
|
$
|
3.80
|
|
|
$
|
7.00
|
|
|
(46)
|
%
|
Income (loss) from
discontinued operations
|
|
(0.22)
|
|
|
(0.06)
|
|
|
(0.02)
|
|
|
0.03
|
|
|
—
|
|
|
**
|
|
**
|
|
(0.28)
|
|
|
(0.04)
|
|
|
**
|
Net income (loss) per
basic common share
|
|
$
|
(2.17)
|
|
|
$
|
2.16
|
|
|
$
|
1.96
|
|
|
$
|
1.56
|
|
|
$
|
1.47
|
|
|
**
|
|
**
|
|
$
|
3.52
|
|
|
$
|
6.96
|
|
|
(49)
|
|
Diluted earnings
per common share:(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
$
|
(1.95)
|
|
|
$
|
2.20
|
|
|
$
|
1.96
|
|
|
$
|
1.51
|
|
|
$
|
1.45
|
|
|
**
|
|
**
|
|
$
|
3.76
|
|
|
$
|
6.93
|
|
|
(46)
|
|
Income (loss) from
discontinued operations
|
|
(0.22)
|
|
|
(0.06)
|
|
|
(0.02)
|
|
|
0.03
|
|
|
—
|
|
|
**
|
|
**
|
|
(0.27)
|
|
|
(0.04)
|
|
|
**
|
Net income (loss) per
diluted common share
|
|
$
|
(2.17)
|
|
|
$
|
2.14
|
|
|
$
|
1.94
|
|
|
$
|
1.54
|
|
|
$
|
1.45
|
|
|
**
|
|
**
|
|
$
|
3.49
|
|
|
$
|
6.89
|
|
|
(49)
|
|
Weighted-average
common shares outstanding (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
485.7
|
|
|
484.9
|
|
|
484.0
|
|
|
482.3
|
|
|
483.5
|
|
|
—
|
|
|
—
|
|
|
484.2
|
|
|
504.9
|
|
|
(4)
|
|
Diluted
|
|
485.7
|
|
|
489.0
|
|
|
488.1
|
|
|
487.9
|
|
|
489.2
|
|
|
(1)
|
%
|
|
(1)
|
%
|
|
488.6
|
|
|
509.8
|
|
|
(4)
|
|
Common shares
outstanding (period-end, in millions)
|
|
485.5
|
|
|
484.4
|
|
|
483.7
|
|
|
482.8
|
|
|
480.2
|
|
|
—
|
|
|
1
|
|
|
485.5
|
|
|
480.2
|
|
|
1
|
|
Dividends paid per
common share
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
—
|
|
|
—
|
|
|
$
|
1.60
|
|
|
$
|
1.60
|
|
|
—
|
|
Tangible book value
per common share (period-end)(4)
|
|
60.28
|
|
|
63.06
|
|
|
60.94
|
|
|
58.66
|
|
|
57.76
|
|
|
(4)
|
|
|
4
|
|
|
60.28
|
|
|
57.76
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 Q4
vs.
|
|
Year Ended
December 31,
|
(Dollars in
millions)
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
2017
vs.
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2017
|
|
2016
|
|
2016
|
Balance Sheet
(Period-End)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
investment(5)
|
|
$
|
254,473
|
|
|
$
|
252,422
|
|
|
$
|
244,302
|
|
|
$
|
240,588
|
|
|
$
|
245,586
|
|
|
1
|
%
|
|
4
|
%
|
|
$
|
254,473
|
|
|
$
|
245,586
|
|
|
4
|
%
|
Interest-earning
assets
|
|
334,124
|
|
|
329,002
|
|
|
319,286
|
|
|
316,712
|
|
|
321,807
|
|
|
2
|
|
|
4
|
|
|
334,124
|
|
|
321,807
|
|
|
4
|
|
Total
assets
|
|
365,693
|
|
|
361,402
|
|
|
350,593
|
|
|
348,549
|
|
|
357,033
|
|
|
1
|
|
|
2
|
|
|
365,693
|
|
|
357,033
|
|
|
2
|
|
Interest-bearing
deposits
|
|
217,298
|
|
|
212,956
|
|
|
213,810
|
|
|
214,818
|
|
|
211,266
|
|
|
2
|
|
|
3
|
|
|
217,298
|
|
|
211,266
|
|
|
3
|
|
Total
deposits
|
|
243,702
|
|
|
239,062
|
|
|
239,763
|
|
|
241,182
|
|
|
236,768
|
|
|
2
|
|
|
3
|
|
|
243,702
|
|
|
236,768
|
|
|
3
|
|
Borrowings
|
|
60,281
|
|
|
59,458
|
|
|
49,954
|
|
|
48,439
|
|
|
60,460
|
|
|
1
|
|
|
—
|
|
|
60,281
|
|
|
60,460
|
|
|
—
|
|
Common
equity
|
|
44,370
|
|
|
45,794
|
|
|
44,777
|
|
|
43,680
|
|
|
43,154
|
|
|
(3)
|
|
|
3
|
|
|
44,370
|
|
|
43,154
|
|
|
3
|
|
Total stockholders'
equity
|
|
48,730
|
|
|
50,154
|
|
|
49,137
|
|
|
48,040
|
|
|
47,514
|
|
|
(3)
|
|
|
3
|
|
|
48,730
|
|
|
47,514
|
|
|
3
|
|
Balance Sheet
(Average Balances)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
investment(5)
|
|
$
|
252,566
|
|
|
$
|
245,822
|
|
|
$
|
242,241
|
|
|
$
|
241,505
|
|
|
$
|
240,027
|
|
|
3
|
%
|
|
5
|
%
|
|
$
|
245,565
|
|
|
$
|
233,272
|
|
|
5
|
%
|
Interest-earning
assets
|
|
330,742
|
|
|
322,015
|
|
|
318,078
|
|
|
318,358
|
|
|
317,853
|
|
|
3
|
|
|
4
|
|
|
322,330
|
|
|
307,796
|
|
|
5
|
|
Total
assets
|
|
363,045
|
|
|
355,191
|
|
|
349,891
|
|
|
351,641
|
|
|
350,225
|
|
|
2
|
|
|
4
|
|
|
354,924
|
|
|
339,974
|
|
|
4
|
|
Interest-bearing
deposits
|
|
215,258
|
|
|
213,137
|
|
|
214,412
|
|
|
212,973
|
|
|
206,464
|
|
|
1
|
|
|
4
|
|
|
213,949
|
|
|
198,304
|
|
|
8
|
|
Total
deposits
|
|
241,562
|
|
|
238,843
|
|
|
240,550
|
|
|
238,550
|
|
|
232,204
|
|
|
1
|
|
|
4
|
|
|
239,882
|
|
|
223,714
|
|
|
7
|
|
Borrowings
|
|
58,109
|
|
|
54,271
|
|
|
48,838
|
|
|
53,357
|
|
|
58,624
|
|
|
7
|
|
|
(1)
|
|
|
53,659
|
|
|
56,878
|
|
|
(6)
|
|
Common
equity
|
|
46,350
|
|
|
45,816
|
|
|
44,645
|
|
|
43,833
|
|
|
43,921
|
|
|
1
|
|
|
6
|
|
|
45,170
|
|
|
45,162
|
|
|
—
|
|
Total stockholders'
equity
|
|
50,710
|
|
|
50,176
|
|
|
49,005
|
|
|
48,193
|
|
|
47,972
|
|
|
1
|
|
|
6
|
|
|
49,530
|
|
|
48,753
|
|
|
2
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 2: Selected
Metrics—Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 Q4
vs.
|
|
Year Ended
December 31,
|
(Dollars in
millions, except as noted)
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
2017
vs.
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2017
|
|
2016
|
|
2016
|
Performance
Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
growth (period over period)
|
|
2
|
%
|
|
4
|
%
|
|
—
|
|
|
—
|
|
|
3
|
%
|
|
**
|
|
**
|
|
8
|
%
|
|
11
|
%
|
|
**
|
Non-interest income
growth (period over period)
|
|
(7)
|
|
|
4
|
|
|
16
|
%
|
|
(5)
|
%
|
|
(5)
|
|
|
**
|
|
**
|
|
3
|
|
|
1
|
|
|
**
|
Total net revenue
growth (period over period)
|
|
—
|
|
|
4
|
|
|
3
|
|
|
—
|
|
|
2
|
|
|
**
|
|
**
|
|
7
|
|
|
9
|
|
|
**
|
Total net revenue
margin(6)
|
|
8.48
|
|
|
8.68
|
|
|
8.43
|
|
|
8.21
|
|
|
8.26
|
|
|
(20)
|
bps
|
|
22
|
bps
|
|
8.45
|
|
|
8.29
|
|
|
16
|
bps
|
Net interest
margin(7)
|
|
7.03
|
|
|
7.08
|
|
|
6.88
|
|
|
6.88
|
|
|
6.85
|
|
|
(5)
|
|
|
18
|
|
|
6.97
|
|
|
6.78
|
|
|
19
|
|
Return on average
assets
|
|
(0.95)
|
|
|
1.28
|
|
|
1.20
|
|
|
0.90
|
|
|
0.91
|
|
|
(223)
|
|
|
(186)
|
|
|
0.60
|
|
|
1.11
|
|
|
(51)
|
|
Return on average
tangible assets(8)
|
|
(0.99)
|
|
|
1.34
|
|
|
1.25
|
|
|
0.95
|
|
|
0.95
|
|
|
(233)
|
|
|
(194)
|
|
|
0.62
|
|
|
1.16
|
|
|
(54)
|
|
Return on average
common equity(9)
|
|
(8.14)
|
|
|
9.40
|
|
|
8.59
|
|
|
6.73
|
|
|
6.48
|
|
|
(18)
|
%
|
|
(15)
|
%
|
|
4.07
|
|
|
7.82
|
|
|
(4)
|
%
|
Return on average
tangible common equity(10)
|
|
(12.12)
|
|
|
14.11
|
|
|
13.09
|
|
|
10.37
|
|
|
10.00
|
|
|
(26)
|
|
|
(22)
|
|
|
6.16
|
|
|
11.93
|
|
|
(6)
|
|
Non-interest expense
as a percentage of average loans held for investment
|
|
5.98
|
|
|
5.80
|
|
|
5.64
|
|
|
5.69
|
|
|
6.13
|
|
|
18
|
bps
|
|
(15)
|
bps
|
|
5.78
|
|
|
5.81
|
|
|
(3)
|
bps
|
Efficiency
ratio(11)
|
|
53.89
|
|
|
51.07
|
|
|
50.92
|
|
|
52.55
|
|
|
56.03
|
|
|
282
|
|
|
(214)
|
|
|
52.11
|
|
|
53.17
|
|
|
(106)
|
|
Effective income tax
rate for continuing operations
|
|
165.9
|
|
|
28.3
|
|
|
29.7
|
|
|
28.3
|
|
|
30.1
|
|
|
138
|
%
|
|
136
|
%
|
|
61.5
|
|
|
31.3
|
|
|
30
|
%
|
Employees (in
thousands), period-end
|
|
49.3
|
|
|
50.4
|
|
|
49.9
|
|
|
48.4
|
|
|
47.3
|
|
|
(2)
|
|
|
4
|
|
|
49.3
|
|
|
47.3
|
|
|
4
|
|
Credit Quality
Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
and lease losses
|
|
$
|
7,502
|
|
|
$
|
7,418
|
|
|
$
|
7,170
|
|
|
$
|
6,984
|
|
|
$
|
6,503
|
|
|
1
|
%
|
|
15
|
%
|
|
$
|
7,502
|
|
|
$
|
6,503
|
|
|
15
|
%
|
Allowance as a
percentage of loans held for investment
|
|
2.95
|
%
|
|
2.94
|
%
|
|
2.93
|
%
|
|
2.90
|
%
|
|
2.65
|
%
|
|
1
|
bps
|
|
30
|
bps
|
|
2.95
|
%
|
|
2.65
|
%
|
|
30
|
bps
|
Net
charge-offs
|
|
$
|
1,828
|
|
|
$
|
1,606
|
|
|
$
|
1,618
|
|
|
$
|
1,510
|
|
|
$
|
1,489
|
|
|
14
|
%
|
|
23
|
%
|
|
$
|
6,562
|
|
|
$
|
5,062
|
|
|
30
|
%
|
Net charge-off
rate(12)
|
|
2.89
|
%
|
|
2.61
|
%
|
|
2.67
|
%
|
|
2.50
|
%
|
|
2.48
|
%
|
|
28
|
bps
|
|
41
|
bps
|
|
2.67
|
%
|
|
2.17
|
%
|
|
50
|
bps
|
30+ day performing
delinquency rate(13)
|
|
3.23
|
|
|
2.93
|
|
|
2.69
|
|
|
2.61
|
|
|
2.93
|
|
|
30
|
|
|
30
|
|
|
3.23
|
|
|
2.93
|
|
|
30
|
|
30+ day delinquency
rate
|
|
3.48
|
|
|
3.24
|
|
|
2.99
|
|
|
2.92
|
|
|
3.27
|
|
|
24
|
|
|
21
|
|
|
3.48
|
|
|
3.27
|
|
|
21
|
|
Capital
Ratios(14)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1
capital
|
|
10.3
|
%
|
|
10.7
|
%
|
|
10.7
|
%
|
|
10.4
|
%
|
|
10.1
|
%
|
|
(40)
|
bps
|
|
20
|
bps
|
|
10.3
|
%
|
|
10.1
|
%
|
|
20
|
bps
|
Tier 1
capital
|
|
11.8
|
|
|
12.2
|
|
|
12.2
|
|
|
12.0
|
|
|
11.6
|
|
|
(40)
|
|
|
20
|
|
|
11.8
|
|
|
11.6
|
|
|
20
|
|
Total
capital
|
|
14.4
|
|
|
14.8
|
|
|
14.9
|
|
|
14.7
|
|
|
14.3
|
|
|
(40)
|
|
|
10
|
|
|
14.4
|
|
|
14.3
|
|
|
10
|
|
Tier 1
leverage
|
|
9.9
|
|
|
10.5
|
|
|
10.3
|
|
|
9.9
|
|
|
9.9
|
|
|
(60)
|
|
|
—
|
|
|
9.9
|
|
|
9.9
|
|
|
—
|
|
Tangible common
equity ("TCE")(15)
|
|
8.3
|
|
|
8.8
|
|
|
8.8
|
|
|
8.5
|
|
|
8.1
|
|
|
(50)
|
|
|
20
|
|
|
8.3
|
|
|
8.1
|
|
|
20
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 3:
Consolidated Statements of Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 Q4
vs.
|
|
Year Ended
December 31,
|
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
2017
vs.
|
(Dollars in
millions, except per share data and as noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2017
|
|
2016
|
|
2016
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
loans held for sale
|
|
$
|
6,133
|
|
|
$
|
5,960
|
|
|
$
|
5,669
|
|
|
$
|
5,626
|
|
|
$
|
5,587
|
|
|
3
|
%
|
|
10
|
%
|
|
$
|
23,388
|
|
|
$
|
21,203
|
|
|
10
|
%
|
Investment
securities
|
|
431
|
|
|
431
|
|
|
433
|
|
|
416
|
|
|
393
|
|
|
—
|
|
|
10
|
|
|
1,711
|
|
|
1,599
|
|
|
7
|
|
Other
|
|
40
|
|
|
29
|
|
|
26
|
|
|
28
|
|
|
29
|
|
|
38
|
|
|
38
|
|
|
123
|
|
|
89
|
|
|
38
|
|
Total interest
income
|
|
6,604
|
|
|
6,420
|
|
|
6,128
|
|
|
6,070
|
|
|
6,009
|
|
|
3
|
|
|
10
|
|
|
25,222
|
|
|
22,891
|
|
|
10
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
457
|
|
|
410
|
|
|
382
|
|
|
353
|
|
|
332
|
|
|
11
|
|
|
38
|
|
|
1,602
|
|
|
1,213
|
|
|
32
|
|
Securitized debt
obligations
|
|
91
|
|
|
85
|
|
|
82
|
|
|
69
|
|
|
65
|
|
|
7
|
|
|
40
|
|
|
327
|
|
|
216
|
|
|
51
|
|
Senior and
subordinated notes
|
|
209
|
|
|
194
|
|
|
179
|
|
|
149
|
|
|
138
|
|
|
8
|
|
|
51
|
|
|
731
|
|
|
476
|
|
|
54
|
|
Other
borrowings
|
|
34
|
|
|
31
|
|
|
12
|
|
|
25
|
|
|
27
|
|
|
10
|
|
|
26
|
|
|
102
|
|
|
113
|
|
|
(10)
|
|
Total interest
expense
|
|
791
|
|
|
720
|
|
|
655
|
|
|
596
|
|
|
562
|
|
|
10
|
|
|
41
|
|
|
2,762
|
|
|
2,018
|
|
|
37
|
|
Net interest
income
|
|
5,813
|
|
|
5,700
|
|
|
5,473
|
|
|
5,474
|
|
|
5,447
|
|
|
2
|
|
|
7
|
|
|
22,460
|
|
|
20,873
|
|
|
8
|
|
Provision for credit
losses
|
|
1,926
|
|
|
1,833
|
|
|
1,800
|
|
|
1,992
|
|
|
1,752
|
|
|
5
|
|
|
10
|
|
|
7,551
|
|
|
6,459
|
|
|
17
|
|
Net interest income
after provision for credit losses
|
|
3,887
|
|
|
3,867
|
|
|
3,673
|
|
|
3,482
|
|
|
3,695
|
|
|
1
|
|
|
5
|
|
|
14,909
|
|
|
14,414
|
|
|
3
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interchange fees,
net
|
|
665
|
|
|
662
|
|
|
676
|
|
|
570
|
|
|
624
|
|
|
—
|
|
|
7
|
|
|
2,573
|
|
|
2,452
|
|
|
5
|
|
Service charges and
other customer-related fees
|
|
394
|
|
|
414
|
|
|
418
|
|
|
371
|
|
|
412
|
|
|
(5)
|
|
|
(4)
|
|
|
1,597
|
|
|
1,646
|
|
|
(3)
|
|
Net securities gains
(losses)
|
|
1
|
|
|
68
|
|
|
(4)
|
|
|
—
|
|
|
(4)
|
|
|
(99)
|
|
|
**
|
|
65
|
|
|
(11)
|
|
|
**
|
Other
|
|
140
|
|
|
141
|
|
|
141
|
|
|
120
|
|
|
87
|
|
|
(1)
|
|
|
61
|
|
|
542
|
|
|
541
|
|
|
—
|
|
Total non-interest
income
|
|
1,200
|
|
|
1,285
|
|
|
1,231
|
|
|
1,061
|
|
|
1,119
|
|
|
(7)
|
|
|
7
|
|
|
4,777
|
|
|
4,628
|
|
|
3
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
associate benefits
|
|
1,521
|
|
|
1,524
|
|
|
1,383
|
|
|
1,471
|
|
|
1,336
|
|
|
—
|
|
|
14
|
|
|
5,899
|
|
|
5,202
|
|
|
13
|
|
Occupancy and
equipment
|
|
523
|
|
|
471
|
|
|
474
|
|
|
471
|
|
|
522
|
|
|
11
|
|
|
—
|
|
|
1,939
|
|
|
1,944
|
|
|
—
|
|
Marketing
|
|
460
|
|
|
379
|
|
|
435
|
|
|
396
|
|
|
575
|
|
|
21
|
|
|
(20)
|
|
|
1,670
|
|
|
1,811
|
|
|
(8)
|
|
Professional
services
|
|
274
|
|
|
297
|
|
|
279
|
|
|
247
|
|
|
312
|
|
|
(8)
|
|
|
(12)
|
|
|
1,097
|
|
|
1,075
|
|
|
2
|
|
Communications and
data processing
|
|
306
|
|
|
294
|
|
|
289
|
|
|
288
|
|
|
297
|
|
|
4
|
|
|
3
|
|
|
1,177
|
|
|
1,169
|
|
|
1
|
|
Amortization of
intangibles
|
|
61
|
|
|
61
|
|
|
61
|
|
|
62
|
|
|
101
|
|
|
—
|
|
|
(40)
|
|
|
245
|
|
|
386
|
|
|
(37)
|
|
Other
|
|
634
|
|
|
541
|
|
|
493
|
|
|
499
|
|
|
536
|
|
|
17
|
|
|
18
|
|
|
2,167
|
|
|
1,971
|
|
|
10
|
|
Total non-interest
expense
|
|
3,779
|
|
|
3,567
|
|
|
3,414
|
|
|
3,434
|
|
|
3,679
|
|
|
6
|
|
|
3
|
|
|
14,194
|
|
|
13,558
|
|
|
5
|
|
Income from
continuing operations before income taxes
|
|
1,308
|
|
|
1,585
|
|
|
1,490
|
|
|
1,109
|
|
|
1,135
|
|
|
(17)
|
|
|
15
|
|
|
5,492
|
|
|
5,484
|
|
|
—
|
|
Income tax
provision
|
|
2,170
|
|
|
448
|
|
|
443
|
|
|
314
|
|
|
342
|
|
|
**
|
|
**
|
|
3,375
|
|
|
1,714
|
|
|
97
|
|
Income (loss) from
continuing operations, net of tax
|
|
(862)
|
|
|
1,137
|
|
|
1,047
|
|
|
795
|
|
|
793
|
|
|
**
|
|
**
|
|
2,117
|
|
|
3,770
|
|
|
(44)
|
|
Income (loss) from
discontinued operations, net of tax(2)
|
|
(109)
|
|
|
(30)
|
|
|
(11)
|
|
|
15
|
|
|
(2)
|
|
|
**
|
|
**
|
|
(135)
|
|
|
(19)
|
|
|
**
|
Net income
(loss)
|
|
(971)
|
|
|
1,107
|
|
|
1,036
|
|
|
810
|
|
|
791
|
|
|
**
|
|
**
|
|
1,982
|
|
|
3,751
|
|
|
(47)
|
|
Dividends and
undistributed earnings allocated to participating
securities(3)
|
|
(1)
|
|
|
(8)
|
|
|
(8)
|
|
|
(5)
|
|
|
(6)
|
|
|
(88)
|
|
|
(83)
|
|
|
(13)
|
|
|
(24)
|
|
|
(46)
|
|
Preferred stock
dividends
|
|
(80)
|
|
|
(52)
|
|
|
(80)
|
|
|
(53)
|
|
|
(75)
|
|
|
54
|
|
|
7
|
|
|
(265)
|
|
|
(214)
|
|
|
24
|
|
Net income (loss)
available to common stockholders
|
|
$
|
(1,052)
|
|
|
$
|
1,047
|
|
|
$
|
948
|
|
|
$
|
752
|
|
|
$
|
710
|
|
|
**
|
|
**
|
|
$
|
1,704
|
|
|
$
|
3,513
|
|
|
(51)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 Q4
vs.
|
|
Year Ended
December 31,
|
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
2017
vs.
|
(Dollars in
millions, except per share data and as noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2017
|
|
2016
|
|
2016
|
Basic earnings per
common share:(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
$
|
(1.95)
|
|
|
$
|
2.22
|
|
|
$
|
1.98
|
|
|
$
|
1.53
|
|
|
$
|
1.47
|
|
|
**
|
|
**
|
|
$
|
3.80
|
|
|
$
|
7.00
|
|
|
(46)
|
%
|
Income (loss) from
discontinued operations
|
|
(0.22)
|
|
|
(0.06)
|
|
|
(0.02)
|
|
|
0.03
|
|
|
—
|
|
|
**
|
|
**
|
|
(0.28)
|
|
|
(0.04)
|
|
|
**
|
Net income (loss) per
basic common share
|
|
$
|
(2.17)
|
|
|
$
|
2.16
|
|
|
$
|
1.96
|
|
|
$
|
1.56
|
|
|
$
|
1.47
|
|
|
**
|
|
**
|
|
$
|
3.52
|
|
|
$
|
6.96
|
|
|
(49)
|
|
Diluted earnings
per common share:(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
$
|
(1.95)
|
|
|
$
|
2.20
|
|
|
$
|
1.96
|
|
|
$
|
1.51
|
|
|
$
|
1.45
|
|
|
**
|
|
**
|
|
$
|
3.76
|
|
|
$
|
6.93
|
|
|
(46)
|
|
Income (loss) from
discontinued operations
|
|
(0.22)
|
|
|
(0.06)
|
|
|
(0.02)
|
|
|
0.03
|
|
|
—
|
|
|
**
|
|
**
|
|
(0.27)
|
|
|
(0.04)
|
|
|
**
|
Net income (loss) per
diluted common share
|
|
$
|
(2.17)
|
|
|
$
|
2.14
|
|
|
$
|
1.94
|
|
|
$
|
1.54
|
|
|
$
|
1.45
|
|
|
**
|
|
**
|
|
$
|
3.49
|
|
|
$
|
6.89
|
|
|
(49)
|
|
Weighted-average
common shares outstanding (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic common
shares
|
|
485.7
|
|
|
484.9
|
|
|
484.0
|
|
|
482.3
|
|
|
483.5
|
|
|
—
|
|
|
—
|
|
|
484.2
|
|
|
504.9
|
|
|
(4)
|
|
Diluted common
shares
|
|
485.7
|
|
|
489.0
|
|
|
488.1
|
|
|
487.9
|
|
|
489.2
|
|
|
(1)
|
%
|
|
(1)
|
%
|
|
488.6
|
|
|
509.8
|
|
|
(4)
|
|
Dividends paid per
common share
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
—
|
|
|
—
|
|
|
$
|
1.60
|
|
|
$
|
1.60
|
|
|
—
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 4:
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 Q4
vs.
|
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
(Dollars in
millions)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
|
4,458
|
|
|
$
|
4,154
|
|
|
$
|
3,352
|
|
|
$
|
3,489
|
|
|
$
|
4,185
|
|
|
7
|
%
|
|
7
|
%
|
Interest-bearing
deposits and other short-term investments
|
|
9,582
|
|
|
4,330
|
|
|
3,363
|
|
|
5,826
|
|
|
5,791
|
|
|
121
|
|
|
65
|
|
Total cash and cash
equivalents
|
|
14,040
|
|
|
8,484
|
|
|
6,715
|
|
|
9,315
|
|
|
9,976
|
|
|
65
|
|
|
41
|
|
Restricted cash for
securitization investors
|
|
312
|
|
|
304
|
|
|
300
|
|
|
486
|
|
|
2,517
|
|
|
3
|
|
|
(88)
|
|
Securities available
for sale, at fair value
|
|
37,655
|
|
|
39,742
|
|
|
41,120
|
|
|
41,260
|
|
|
40,737
|
|
|
(5)
|
|
|
(8)
|
|
Securities held to
maturity, at carrying value
|
|
28,984
|
|
|
28,650
|
|
|
27,720
|
|
|
26,170
|
|
|
25,712
|
|
|
1
|
|
|
13
|
|
Loans held for
investment:(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecuritized loans
held for investment
|
|
218,806
|
|
|
217,659
|
|
|
214,864
|
|
|
211,038
|
|
|
213,824
|
|
|
1
|
|
|
2
|
|
Loans held in
consolidated trusts
|
|
35,667
|
|
|
34,763
|
|
|
29,438
|
|
|
29,550
|
|
|
31,762
|
|
|
3
|
|
|
12
|
|
Total loans held for
investment
|
|
254,473
|
|
|
252,422
|
|
|
244,302
|
|
|
240,588
|
|
|
245,586
|
|
|
1
|
|
|
4
|
|
Allowance for loan
and lease losses
|
|
(7,502)
|
|
|
(7,418)
|
|
|
(7,170)
|
|
|
(6,984)
|
|
|
(6,503)
|
|
|
1
|
|
|
15
|
|
Net loans held for
investment
|
|
246,971
|
|
|
245,004
|
|
|
237,132
|
|
|
233,604
|
|
|
239,083
|
|
|
1
|
|
|
3
|
|
Loans held for sale,
at lower of cost or fair value
|
|
971
|
|
|
1,566
|
|
|
777
|
|
|
735
|
|
|
1,043
|
|
|
(38)
|
|
|
(7)
|
|
Premises and
equipment, net
|
|
4,033
|
|
|
3,955
|
|
|
3,825
|
|
|
3,727
|
|
|
3,675
|
|
|
2
|
|
|
10
|
|
Interest
receivable
|
|
1,536
|
|
|
1,426
|
|
|
1,346
|
|
|
1,368
|
|
|
1,351
|
|
|
8
|
|
|
14
|
|
Goodwill
|
|
14,533
|
|
|
14,532
|
|
|
14,524
|
|
|
14,521
|
|
|
14,519
|
|
|
—
|
|
|
—
|
|
Other
assets
|
|
16,658
|
|
|
17,739
|
|
|
17,134
|
|
|
17,363
|
|
|
18,420
|
|
|
(6)
|
|
|
(10)
|
|
Total
assets
|
|
$
|
365,693
|
|
|
$
|
361,402
|
|
|
$
|
350,593
|
|
|
$
|
348,549
|
|
|
$
|
357,033
|
|
|
1
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 Q4
vs.
|
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
(Dollars in
millions)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
payable
|
|
$
|
413
|
|
|
$
|
301
|
|
|
$
|
376
|
|
|
$
|
260
|
|
|
$
|
327
|
|
|
37
|
%
|
|
26
|
%
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
|
26,404
|
|
|
26,106
|
|
|
25,953
|
|
|
26,364
|
|
|
25,502
|
|
|
1
|
|
|
4
|
|
Interest-bearing
deposits
|
|
217,298
|
|
|
212,956
|
|
|
213,810
|
|
|
214,818
|
|
|
211,266
|
|
|
2
|
|
|
3
|
|
Total
deposits
|
|
243,702
|
|
|
239,062
|
|
|
239,763
|
|
|
241,182
|
|
|
236,768
|
|
|
2
|
|
|
3
|
|
Securitized debt
obligations
|
|
20,010
|
|
|
17,087
|
|
|
18,358
|
|
|
18,528
|
|
|
18,826
|
|
|
17
|
|
|
6
|
|
Other
debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities loaned or sold under agreements to
repurchase
|
|
576
|
|
|
767
|
|
|
958
|
|
|
1,046
|
|
|
992
|
|
|
(25)
|
|
|
(42)
|
|
Senior and
subordinated notes
|
|
30,755
|
|
|
28,420
|
|
|
28,478
|
|
|
26,405
|
|
|
23,431
|
|
|
8
|
|
|
31
|
|
Other
borrowings
|
|
8,940
|
|
|
13,184
|
|
|
2,160
|
|
|
2,460
|
|
|
17,211
|
|
|
(32)
|
|
|
(48)
|
|
Total other
debt
|
|
40,271
|
|
|
42,371
|
|
|
31,596
|
|
|
29,911
|
|
|
41,634
|
|
|
(5)
|
|
|
(3)
|
|
Other
liabilities
|
|
12,567
|
|
|
12,427
|
|
|
11,363
|
|
|
10,628
|
|
|
11,964
|
|
|
1
|
|
|
5
|
|
Total
liabilities
|
|
316,963
|
|
|
311,248
|
|
|
301,456
|
|
|
300,509
|
|
|
309,519
|
|
|
2
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
0
|
|
|
—
|
|
|
—
|
|
Common
stock
|
|
7
|
|
|
7
|
|
|
7
|
|
|
7
|
|
|
7
|
|
|
—
|
|
|
—
|
|
Additional paid-in
capital, net
|
|
31,656
|
|
|
31,526
|
|
|
31,413
|
|
|
31,326
|
|
|
31,157
|
|
|
—
|
|
|
2
|
|
Retained
earnings
|
|
30,700
|
|
|
31,946
|
|
|
31,086
|
|
|
30,326
|
|
|
29,766
|
|
|
(4)
|
|
|
3
|
|
Accumulated other
comprehensive loss
|
|
(926)
|
|
|
(622)
|
|
|
(683)
|
|
|
(934)
|
|
|
(949)
|
|
|
49
|
|
|
(2)
|
|
Treasury stock, at
cost
|
|
(12,707)
|
|
|
(12,703)
|
|
|
(12,686)
|
|
|
(12,685)
|
|
|
(12,467)
|
|
|
—
|
|
|
2
|
|
Total
stockholders' equity
|
|
48,730
|
|
|
50,154
|
|
|
49,137
|
|
|
48,040
|
|
|
47,514
|
|
|
(3)
|
|
|
3
|
|
Total liabilities
and stockholders' equity
|
|
$
|
365,693
|
|
|
$
|
361,402
|
|
|
$
|
350,593
|
|
|
$
|
348,549
|
|
|
$
|
357,033
|
|
|
1
|
|
|
2
|
|
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 $377 million in Q4 2017, $356 million in Q3 2017, $313
million in Q2 2017 and $321 million in both Q1 2017 and Q4 2016 for
the estimated uncollectible amount of billed finance charges and
fees and related losses.
|
(2)
|
The provision
(benefit) for mortgage representation and warranty losses included
the following activity:
|
|
|
|
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
|
(Dollars in
millions)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Provision (benefit)
for mortgage representation and warranty losses before income
taxes:
|
|
|
|
|
|
|
|
|
|
|
|
Recorded in
continuing operations
|
|
—
|
|
|
$
|
(1)
|
|
|
—
|
|
|
$
|
(25)
|
|
|
—
|
|
|
Recorded in
discontinued operations
|
|
$
|
169
|
|
|
13
|
|
|
$
|
6
|
|
|
(67)
|
|
|
$
|
(2)
|
|
|
Total provision
(benefit) for mortgage representation and warranty losses before
income taxes
|
|
$
|
169
|
|
|
$
|
12
|
|
|
$
|
6
|
|
|
$
|
(92)
|
|
|
$
|
(2)
|
|
|
|
(3)
|
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.
|
(4)
|
Tangible book value
per common share is a non-GAAP measure calculated based on tangible
common equity divided by common shares outstanding. See "Table 15:
Calculation of Regulatory Capital Measures and Reconciliation of
Non-GAAP Measures" for additional information on non-GAAP
measures.
|
(5)
|
Included in loans
held for investment are purchased credit-impaired loans ("PCI
loans") recorded at fair value at acquisition and subsequently
accounted for based on estimated cash flows expected to be
collected over the life of the loans (under the accounting standard
formerly known as "SOP 03-3," or Accounting Standards Codification
310-30). These include certain of our consumer and commercial loans
that were acquired through business combinations. The table below
presents amounts related to PCI loans:
|
|
|
|
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
|
(Dollars in
millions)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
PCI loans:
|
|
|
|
|
|
|
|
|
|
|
|
Period-end
unpaid principal balance
|
|
$
|
11,399
|
|
|
$
|
12,658
|
|
|
$
|
13,599
|
|
|
$
|
14,838
|
|
|
$
|
15,896
|
|
|
Period-end
loans held for investment
|
|
10,775
|
|
|
11,985
|
|
|
12,895
|
|
|
14,102
|
|
|
15,071
|
|
|
Average loans
held for investment
|
|
11,060
|
|
|
12,270
|
|
|
13,305
|
|
|
14,433
|
|
|
15,443
|
|
|
|
(6)
|
Total net revenue
margin is calculated based on annualized total net revenue for the
period divided by average interest-earning assets for the
period.
|
(7)
|
Net interest margin
is calculated based on annualized net interest income for the
period divided by average interest-earning assets for the
period.
|
(8)
|
Return on average
tangible assets is a non-GAAP measure calculated based on
annualized income 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.
|
(9)
|
Return on average
common equity is calculated based on annualized (i) income from
continuing operations, net of tax; (ii) less dividends and
undistributed earnings allocated to participating securities; (iii)
less preferred stock dividends, for the period, divided by average
common equity for the period. Our calculation of return on average
common equity may not be comparable to similarly-titled measures
reported by other companies.
|
(10)
|
Return on average
tangible common equity ("ROTCE") is a non-GAAP measure calculated
based on annualized (i) income from continuing operations, net of
tax; (ii) less dividends and undistributed earnings allocated to
participating securities; (iii) less preferred stock dividends, for
the period, divided by average tangible common equity for the
period. Our calculation of ROTCE may not be comparable to
similarly-titled measures reported by other companies. See "Table
15: Calculation of Regulatory Capital Measures and Reconciliation
of Non-GAAP Measures" for additional information on non-GAAP
measures.
|
(11)
|
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.
|
(12)
|
Net charge-off rate
is calculated based on annualized net charge-offs for the period
divided by average loans held for investment for the
period.
|
(13)
|
On September 25,
2017, we completed the acquisition from Synovus Bank of the credit
card assets and related liabilities of Cabela's wholly-owned
subsidiary, World's Foremost Bank, which added approximately $5.7
billion to our loans held for investment portfolio as of the
acquisition date ("Cabela's acquisition"). The credit quality
metrics as of December 31, 2017 include the impact of this
acquisition. Excluding this impact, the 30+ day performing
delinquency rate as of December 31, 2017 would have been
3.28%.
|
(14)
|
Capital ratios as of
the end of Q4 2017 are preliminary and therefore subject to change.
See "Table 15: Calculation of Regulatory Capital Measures and
Reconciliation of Non-GAAP Measures" for information on the
calculation of each of these ratios.
|
(15)
|
TCE ratio is a
non-GAAP measure calculated based on TCE divided by tangible
assets. See "Table 15: Calculation of Regulatory Capital Measures
and Reconciliation of Non-GAAP Measures" for additional information
on non-GAAP measures.
|
**
|
Not
meaningful.
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 6: Average
Balances, Net Interest Income and Net Interest
Margin
|
|
|
|
2017
Q4
|
|
2017
Q3
|
|
2016
Q4
|
|
|
Average
Balance
|
|
Interest
Income/
Expense(1)
|
|
Yield/
Rate(1)
|
|
Average
Balance
|
|
Interest
Income/
Expense(1)
|
|
Yield/
Rate(1)
|
|
Average
Balance
|
|
Interest
Income/
Expense(1)
|
|
Yield/
Rate(1)
|
(Dollars in
millions, except as noted)
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
loans held for sale
|
|
$
|
254,080
|
|
|
$
|
6,133
|
|
|
9.66
|
%
|
|
$
|
247,022
|
|
|
$
|
5,960
|
|
|
9.65
|
%
|
|
$
|
241,110
|
|
|
$
|
5,587
|
|
|
9.27
|
%
|
Investment
securities
|
|
68,992
|
|
|
431
|
|
|
2.50
|
|
|
69,302
|
|
|
431
|
|
|
2.49
|
|
|
67,827
|
|
|
393
|
|
|
2.32
|
|
Cash equivalents and
other
|
|
7,670
|
|
|
40
|
|
|
2.09
|
|
|
5,691
|
|
|
29
|
|
|
2.04
|
|
|
8,916
|
|
|
29
|
|
|
1.30
|
|
Total
interest-earning assets
|
|
$
|
330,742
|
|
|
$
|
6,604
|
|
|
7.99
|
|
|
$
|
322,015
|
|
|
$
|
6,420
|
|
|
7.97
|
|
|
$
|
317,853
|
|
|
$
|
6,009
|
|
|
7.56
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
$
|
215,258
|
|
|
$
|
457
|
|
|
0.85
|
|
|
$
|
213,137
|
|
|
$
|
410
|
|
|
0.77
|
|
|
$
|
206,464
|
|
|
$
|
332
|
|
|
0.64
|
|
Securitized debt
obligations
|
|
19,751
|
|
|
91
|
|
|
1.84
|
|
|
17,598
|
|
|
85
|
|
|
1.93
|
|
|
18,300
|
|
|
65
|
|
|
1.42
|
|
Senior and
subordinated notes
|
|
30,020
|
|
|
209
|
|
|
2.78
|
|
|
28,753
|
|
|
194
|
|
|
2.70
|
|
|
23,605
|
|
|
138
|
|
|
2.34
|
|
Other borrowings and
liabilities
|
|
10,355
|
|
|
34
|
|
|
1.31
|
|
|
9,320
|
|
|
31
|
|
|
1.33
|
|
|
17,654
|
|
|
27
|
|
|
0.61
|
|
Total
interest-bearing liabilities
|
|
$
|
275,384
|
|
|
$
|
791
|
|
|
1.15
|
|
|
$
|
268,808
|
|
|
$
|
720
|
|
|
1.07
|
|
|
$
|
266,023
|
|
|
$
|
562
|
|
|
0.85
|
|
Net interest
income/spread
|
|
|
|
$
|
5,813
|
|
|
6.84
|
|
|
|
|
$
|
5,700
|
|
|
6.90
|
|
|
|
|
$
|
5,447
|
|
|
6.71
|
|
Impact of
non-interest-bearing funding
|
|
|
|
|
|
0.19
|
|
|
|
|
|
|
0.18
|
|
|
|
|
|
|
0.14
|
|
Net interest
margin
|
|
|
|
|
|
7.03
|
%
|
|
|
|
|
|
7.08
|
%
|
|
|
|
|
|
6.85
|
%
|
|
|
|
Year Ended
December 31,
|
|
|
2017
|
|
2016
|
|
|
Average
Balance
|
|
Interest
Income/
Expense(1)
|
|
Yield/
Rate(1)
|
|
Average
Balance
|
|
Interest
Income/
Expense(1)
|
|
Yield/
Rate(1)
|
(Dollars in
millions, except as noted)
|
|
|
|
|
|
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including
loans held for sale
|
|
$
|
246,613
|
|
|
$
|
23,388
|
|
|
9.48
|
%
|
|
$
|
234,338
|
|
|
$
|
21,203
|
|
|
9.05
|
%
|
Investment
securities
|
|
68,896
|
|
|
1,711
|
|
|
2.48
|
|
|
66,260
|
|
|
1,599
|
|
|
2.41
|
|
Cash equivalents and
other
|
|
6,821
|
|
|
123
|
|
|
1.80
|
|
|
7,198
|
|
|
89
|
|
|
1.24
|
|
Total
interest-earning assets
|
|
$
|
322,330
|
|
|
$
|
25,222
|
|
|
7.82
|
|
|
$
|
307,796
|
|
|
$
|
22,891
|
|
|
7.44
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
$
|
213,949
|
|
|
$
|
1,602
|
|
|
0.75
|
|
|
$
|
198,304
|
|
|
$
|
1,213
|
|
|
0.61
|
|
Securitized debt
obligations
|
|
18,237
|
|
|
327
|
|
|
1.79
|
|
|
16,576
|
|
|
216
|
|
|
1.30
|
|
Senior and
subordinated notes
|
|
27,866
|
|
|
731
|
|
|
2.62
|
|
|
22,417
|
|
|
476
|
|
|
2.12
|
|
Other borrowings and
liabilities
|
|
8,917
|
|
|
102
|
|
|
1.14
|
|
|
18,736
|
|
|
113
|
|
|
0.60
|
|
Total
interest-bearing liabilities
|
|
$
|
268,969
|
|
|
$
|
2,762
|
|
|
1.03
|
|
|
$
|
256,033
|
|
|
$
|
2,018
|
|
|
0.79
|
|
Net interest
income/spread
|
|
|
|
$
|
22,460
|
|
|
6.79
|
|
|
|
|
$
|
20,873
|
|
|
6.65
|
|
Impact of
non-interest-bearing funding
|
|
|
|
|
|
0.18
|
|
|
|
|
|
|
0.13
|
|
Net interest
margin
|
|
|
|
|
|
6.97
|
%
|
|
|
|
|
|
6.78
|
%
|
|
__________
|
(1)
|
Interest income and
interest expense and the calculation of average yields on
interest-earning assets and average rates on interest-bearing
liabilities include the impact of hedge accounting.
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 7: Loan
Information and Performance Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 Q4
vs.
|
|
Year Ended
December 31,
|
(Dollars in
millions, except as noted)
|
|
2017
Q4
|
|
2017
Q3
|
|
2017
Q2
|
|
2017
Q1
|
|
2016
Q4
|
|
2017
Q3
|
|
2016
Q4
|
|
2017
|
|
2016
|
|
2017 vs.
2016
|
Loans Held For
Investment (Period-End)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card
|
|
$
|
105,293
|
|
|
$
|
99,981
|
|
|
$
|
92,866
|
|
|
$
|
91,092
|
|
|
$
|
97,120
|
|
|
5
|
%
|
|
8
|
%
|
|
$
|
105,293
|
|
|
$
|
97,120
|
|
|
8
|
%
|
International card businesses
|
|
9,469
|
|
|
9,149
|
|
|
8,724
|
|
|
8,121
|
|
|
8,432
|
|
|
3
|
|
|
12
|
|
|
9,469
|
|
|
8,432
|
|
|
12
|
|
Total credit
card
|
|
114,762
|
|
|
109,130
|
|
|
101,590
|
|
|
99,213
|
|
|
105,552
|
|
|
5
|
|
|
9
|
|
|
114,762
|
|
|
105,552
|
|
|
9
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
53,991
|
|
|
53,290
|
|
|
51,765
|
|
|
49,771
|
|
|
47,916
|
|
|
1
|
|
|
13
|
|
|
53,991
|
|
|
47,916
|
|
|
13
|
|
Home
loan
|
|
17,633
|
|
|
18,820
|
|
|
19,724
|
|
|
20,738
|
|
|
21,584
|
|
|
(6)
|
|
|
(18)
|
|
|
17,633
|
|
|
21,584
|
|
|
(18)
|
|
Retail
banking
|
|
3,454
|
|
|
3,454
|
|
|
3,484
|
|
|
3,473
|
|
|
3,554
|
|
|
—
|
|
|
(3)
|
|
|
3,454
|
|
|
3,554
|
|
|
(3)
|
|
Total consumer
banking
|
|
75,078
|
|
|
75,564
|
|
|
74,973
|
|
|
73,982
|
|
|
73,054
|
|
|
(1)
|
|
|
3
|
|
|
75,078
|
|
|
73,054
|
|
|
3
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
26,150
|
|
|
27,944
|
|
|
27,428
|
|
|
27,218
|
|
|
26,609
|
|
|
(6)
|
|
|
(2)
|
|
|
26,150
|
|
|
26,609
|
|
|
(2)
|
|
Commercial and industrial
|
|
38,025
|
|
|
39,306
|
|
|
39,801
|
|
|
39,638
|
|
|
39,824
|
|
|
(3)
|
|
|
(5)
|
|
|
38,025
|
|
|
39,824
|
|
|
(5)
|
|
Total commercial
lending
|
|
64,175
|
|
|
67,250
|
|
|
67,229
|
|
|
66,856
|
|
|
66,433
|
|
|
(5)
|
|
|
(3)
|
|
|
64,175
|
|
|
66,433
|
|
|
(3)
|
|
Small-ticket commercial real estate
|
|
400
|
|
|
420
|
|
|
443
|
|
|
464
|
|
|
483
|
|
|
(5)
|
|
|
(17)
|
|
|
400
|
|
|
483
|
|
|
(17)
|
|
Total commercial
banking
|
|
64,575
|
|
|
67,670
|
|
|
67,672
|
|
|
67,320
|
|
|
66,916
|
|
|
(5)
|
|
|
(3)
|
|
|
64,575
|
|
|
66,916
|
|
|
(3)
|
|
Other
loans
|
|
58
|
|
|
58
|
|
|
67
|
|
|
73
|
|
|
64
|
|
|
—
|
|
|
(9)
|
|
|
58
|
|
|
64
|
|
|
(9)
|
|
Total loans held for
investment
|
|
$
|
254,473
|
|
|
$
|
252,422
|
|
|
$
|
244,302
|
|
|
$
|
240,588
|
|
|
$
|
245,586
|
|
|
1
|
|
|
4
|
|
|
$
|
254,473
|
|
|
$
|
245,586
|
|
|
4
|
|
Loans Held For
Investment (Average)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card
|
|
$
|
101,087
|
|
|
$
|
93,729
|
|
|
$
|
91,769
|
|
|
$
|
93,034
|
|
|
$
|
92,623
|
|
|
8
|
%
|
|
9
|
%
|
|
$
|
94,923
|
|
|
$
|
88,394
|
|
|
7
|
%
|
International card businesses
|
|
8,942
|
|
|
8,816
|
|
|
8,274
|
|
|
8,135
|
|
|
8,168
|
|
|
1
|
|
|
9
|
|
|
8,545
|
|
|
8,166
|
|
|
5
|
|
Total credit
card
|
|
110,029
|
|
|
102,545
|
|
|
100,043
|
|
|
101,169
|
|
|
100,791
|
|
|
7
|
|
|
9
|
|
|
103,468
|
|
|
96,560
|
|
|
7
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
53,747
|
|
|
52,615
|
|
|
50,803
|
|
|
48,673
|
|
|
47,126
|
|
|
2
|
|
|
14
|
|
|
51,477
|
|
|
44,521
|
|
|
16
|
|
Home
loan
|
|
18,109
|
|
|
19,302
|
|
|
20,203
|
|
|
21,149
|
|
|
21,984
|
|
|
(6)
|
|
|
(18)
|
|
|
19,681
|
|
|
23,358
|
|
|
(16)
|
|
Retail
banking
|
|
3,433
|
|
|
3,446
|
|
|
3,463
|
|
|
3,509
|
|
|
3,549
|
|
|
—
|
|
|
(3)
|
|
|
3,463
|
|
|
3,543
|
|
|
(2)
|
|
Total consumer
banking
|
|
75,289
|
|
|
75,363
|
|
|
74,469
|
|
|
73,331
|
|
|
72,659
|
|
|
—
|
|
|
4
|
|
|
74,621
|
|
|
71,422
|
|
|
4
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
27,770
|
|
|
27,703
|
|
|
27,401
|
|
|
26,587
|
|
|
26,445
|
|
|
—
|
|
|
5
|
|
|
27,370
|
|
|
25,821
|
|
|
6
|
|
Commercial and industrial
|
|
39,020
|
|
|
39,723
|
|
|
39,815
|
|
|
39,877
|
|
|
39,573
|
|
|
(2)
|
|
|
(1)
|
|
|
39,606
|
|
|
38,852
|
|
|
2
|
|
Total commercial
lending
|
|
66,790
|
|
|
67,426
|
|
|
67,216
|
|
|
66,464
|
|
|
66,018
|
|
|
(1)
|
|
|
1
|
|
|
66,976
|
|
|
64,673
|
|
|
4
|
|
Small-ticket commercial real estate
|
|
410
|
|
|
433
|
|
|
453
|
|
|
474
|
|
|
497
|
|
|
(5)
|
|
|
(18)
|
|
|
442
|
|
|
548
|
|
|
(19)
|
|
Total commercial
banking
|
|
67,200
|
|
|
67,859
|
|
|
67,669
|
|
|
66,938
|
|
|
66,515
|
|
|
(1)
|
|
|
1
|
|
|
67,418
|
|
|
65,221
|
|
|
3
|
|
Other
loans
|
|
48
|
|
|
55
|
|
|
60
|
|
|
67
|
|
|
62
|
|
|
(13)
|
|
|
(23)
|
|
|
58
|
|
|
69
|
|
|
(16)
|
|
Total average loans
held for investment
|
|
$
|
252,566
|
|
|
$
|
245,822
|
|
|
$
|
242,241
|
|
|
$
|
241,505
|
|
|
$
|
240,027
|
|
|
3
|
|
|
5
|
|
|
$
|
245,565
|
|
|
$
|
233,272
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 Q4
vs.
|
|
Year Ended
December 31,
|
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
2017
vs.
|
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2017
|
|
2016
|
|
2016
|
Net Charge-Off
(Recovery) Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card(1)
|
|
|
5.08
|
%
|
|
|
4.64
|
%
|
|
|
5.11
|
%
|
|
|
5.14
|
%
|
|
|
4.66
|
%
|
|
44
|
bps
|
|
42
|
bps
|
|
|
4.99
|
%
|
|
4.16
|
%
|
|
83
|
bps
|
International card businesses
|
|
|
3.92
|
|
|
|
3.08
|
|
|
|
4.08
|
|
|
|
3.69
|
|
|
|
3.35
|
|
|
84
|
|
|
57
|
|
|
|
3.69
|
|
|
3.33
|
|
|
36
|
|
Total credit
card(1)
|
|
|
4.99
|
|
|
|
4.51
|
|
|
|
5.02
|
|
|
|
5.02
|
|
|
|
4.56
|
|
|
48
|
|
|
43
|
|
|
|
4.88
|
|
|
4.09
|
|
|
79
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
|
2.12
|
|
|
|
1.96
|
|
|
|
1.70
|
|
|
|
1.64
|
|
|
|
2.07
|
|
|
16
|
|
|
5
|
|
|
|
1.86
|
|
|
1.69
|
|
|
17
|
|
Home
loan
|
|
|
0.23
|
|
|
|
0.02
|
|
|
|
0.04
|
|
|
|
0.03
|
|
|
|
0.08
|
|
|
21
|
|
|
15
|
|
|
|
0.08
|
|
|
0.06
|
|
|
2
|
|
Retail
banking
|
|
|
1.94
|
|
|
|
2.10
|
|
|
|
1.71
|
|
|
|
1.92
|
|
|
|
1.73
|
|
|
(16)
|
|
|
21
|
|
|
|
1.92
|
|
|
1.53
|
|
|
39
|
|
Total consumer
banking
|
|
|
1.66
|
|
|
|
1.47
|
|
|
|
1.25
|
|
|
|
1.19
|
|
|
|
1.45
|
|
|
19
|
|
|
21
|
|
|
|
1.39
|
|
|
1.15
|
|
|
24
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
|
(0.01)
|
|
|
|
(0.01)
|
|
|
|
0.03
|
|
|
|
—
|
|
|
|
(0.02)
|
|
|
—
|
|
|
1
|
|
|
|
—
|
|
|
(0.01)
|
|
|
1
|
|
Commercial and industrial
|
|
|
1.47
|
|
|
|
1.64
|
|
|
|
1.34
|
|
|
|
0.22
|
|
|
|
0.80
|
|
|
(17)
|
|
|
67
|
|
|
|
1.17
|
|
|
0.75
|
|
|
42
|
|
Total commercial
lending
|
|
|
0.86
|
|
|
|
0.97
|
|
|
|
0.81
|
|
|
|
0.13
|
|
|
|
0.47
|
|
|
(11)
|
|
|
39
|
|
|
|
0.69
|
|
|
0.45
|
|
|
24
|
|
Small-ticket commercial real estate
|
|
|
(0.05)
|
|
|
|
0.12
|
|
|
|
(0.22)
|
|
|
|
1.05
|
|
|
|
(0.02)
|
|
|
(17)
|
|
|
(3)
|
|
|
|
0.24
|
|
|
0.30
|
|
|
(6)
|
|
Total commercial
banking
|
|
|
0.85
|
|
|
|
0.96
|
|
|
|
0.80
|
|
|
|
0.14
|
|
|
|
0.47
|
|
|
(11)
|
|
|
38
|
|
|
|
0.69
|
|
|
0.45
|
|
|
24
|
|
Total net
charge-offs
|
|
|
2.89
|
|
|
|
2.61
|
|
|
|
2.67
|
|
|
|
2.50
|
|
|
|
2.48
|
|
|
28
|
|
|
41
|
|
|
|
2.67
|
|
|
2.17
|
|
|
50
|
|
30+ Day Performing
Delinquency Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card(1)
|
|
|
4.01
|
%
|
|
|
3.94
|
%
|
|
|
3.63
|
%
|
|
|
3.71
|
%
|
|
|
3.95
|
%
|
|
7
|
bps
|
|
6
|
bps
|
|
|
4.01
|
%
|
|
3.95
|
%
|
|
6
|
bps
|
International card businesses
|
|
|
3.64
|
|
|
|
3.54
|
|
|
|
3.28
|
|
|
|
3.39
|
|
|
|
3.36
|
|
|
10
|
|
|
28
|
|
|
|
3.64
|
|
|
3.36
|
|
|
28
|
|
Total credit
card(1)
|
|
|
3.98
|
|
|
|
3.91
|
|
|
|
3.60
|
|
|
|
3.68
|
|
|
|
3.91
|
|
|
7
|
|
|
7
|
|
|
|
3.98
|
|
|
3.91
|
|
|
7
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
|
6.51
|
|
|
|
5.71
|
|
|
|
5.40
|
|
|
|
5.03
|
|
|
|
6.12
|
|
|
80
|
|
|
39
|
|
|
|
6.51
|
|
|
6.12
|
|
|
39
|
|
Home
loan
|
|
|
0.20
|
|
|
|
0.17
|
|
|
|
0.14
|
|
|
|
0.15
|
|
|
|
0.20
|
|
|
3
|
|
|
—
|
|
|
|
0.20
|
|
|
0.20
|
|
|
—
|
|
Retail
banking
|
|
|
0.76
|
|
|
|
0.73
|
|
|
|
0.54
|
|
|
|
0.59
|
|
|
|
0.70
|
|
|
3
|
|
|
6
|
|
|
|
0.76
|
|
|
0.70
|
|
|
6
|
|
Total consumer
banking
|
|
|
4.76
|
|
|
|
4.10
|
|
|
|
3.79
|
|
|
|
3.45
|
|
|
|
4.10
|
|
|
66
|
|
|
66
|
|
|
|
4.76
|
|
|
4.10
|
|
|
66
|
|
Nonperforming
Loans and Nonperforming Assets
Rates(2)(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International card businesses
|
|
|
0.25
|
%
|
|
|
0.28
|
%
|
|
|
0.37
|
%
|
|
|
0.47
|
%
|
|
|
0.50
|
%
|
|
(3)
|
bps
|
|
(25)
|
bps
|
|
|
0.25
|
%
|
|
0.50
|
%
|
|
(25)
|
bps
|
Total credit
card
|
|
|
0.02
|
|
|
|
0.02
|
|
|
|
0.03
|
|
|
|
0.04
|
|
|
|
0.04
|
|
|
—
|
|
|
(2)
|
|
|
|
0.02
|
|
|
0.04
|
|
|
(2)
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
|
0.70
|
|
|
|
0.65
|
|
|
|
0.53
|
|
|
|
0.36
|
|
|
|
0.47
|
|
|
5
|
|
|
23
|
|
|
|
0.70
|
|
|
0.47
|
|
|
23
|
|
Home
loan
|
|
|
1.00
|
|
|
|
0.84
|
|
|
|
1.31
|
|
|
|
1.27
|
|
|
|
1.26
|
|
|
16
|
|
|
(26)
|
|
|
|
1.00
|
|
|
1.26
|
|
|
(26)
|
|
Retail
banking
|
|
|
1.00
|
|
|
|
0.97
|
|
|
|
0.96
|
|
|
|
0.82
|
|
|
|
0.86
|
|
|
3
|
|
|
14
|
|
|
|
1.00
|
|
|
0.86
|
|
|
14
|
|
Total consumer
banking
|
|
|
0.78
|
|
|
|
0.71
|
|
|
|
0.75
|
|
|
|
0.64
|
|
|
|
0.72
|
|
|
7
|
|
|
6
|
|
|
|
0.78
|
|
|
0.72
|
|
|
6
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
|
0.15
|
|
|
|
0.23
|
|
|
|
0.13
|
|
|
|
0.13
|
|
|
|
0.11
|
|
|
(8)
|
|
|
4
|
|
|
|
0.15
|
|
|
0.11
|
|
|
4
|
|
Commercial and industrial
|
|
|
0.63
|
|
|
|
1.82
|
|
|
|
1.62
|
|
|
|
2.02
|
|
|
|
2.48
|
|
|
(119)
|
|
|
(185)
|
|
|
|
0.63
|
|
|
2.48
|
|
|
(185)
|
|
Total commercial
lending
|
|
|
0.43
|
|
|
|
1.16
|
|
|
|
1.01
|
|
|
|
1.25
|
|
|
|
1.53
|
|
|
(73)
|
|
|
(110)
|
|
|
|
0.43
|
|
|
1.53
|
|
|
(110)
|
|
Small-ticket commercial real estate
|
|
|
1.65
|
|
|
|
1.59
|
|
|
|
1.89
|
|
|
|
1.65
|
|
|
|
0.85
|
|
|
6
|
|
|
80
|
|
|
|
1.65
|
|
|
0.85
|
|
|
80
|
|
Total commercial
banking
|
|
|
0.44
|
|
|
|
1.16
|
|
|
|
1.01
|
|
|
|
1.25
|
|
|
|
1.53
|
|
|
(72)
|
|
|
(109)
|
|
|
|
0.44
|
|
|
1.53
|
|
|
(109)
|
|
Total nonperforming
loans
|
|
|
0.35
|
|
|
|
0.54
|
|
|
|
0.53
|
|
|
|
0.57
|
|
|
|
0.65
|
|
|
(19)
|
|
|
(30)
|
|
|
|
0.35
|
|
|
0.65
|
|
|
(30)
|
|
Total nonperforming
assets
|
|
|
0.41
|
|
|
|
0.60
|
|
|
|
0.60
|
|
|
|
0.66
|
|
|
|
0.76
|
|
|
(19)
|
|
|
(35)
|
|
|
|
0.41
|
|
|
0.76
|
|
|
(35)
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 8: Allowance
for Loan and Lease Losses and Reserve for Unfunded Lending
Commitments Activity
|
|
|
|
Three Months Ended
December 31, 2017
|
|
|
Credit
Card
|
|
Consumer
Banking
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
Domestic
Card
|
|
International
Card
Businesses
|
|
Total
Credit
Card
|
|
Auto
|
|
Home
Loan
|
|
Retail
Banking
|
|
Total
Consumer
Banking
|
|
Commercial
Banking
|
|
Other(4)
|
|
Total
|
Allowance for loan
and lease losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
September 30, 2017
|
|
$
|
5,155
|
|
|
$
|
379
|
|
|
$
|
5,534
|
|
|
$
|
1,083
|
|
|
$
|
59
|
|
|
$
|
71
|
|
|
$
|
1,213
|
|
|
$
|
669
|
|
|
$
|
2
|
|
|
$
|
7,418
|
|
Charge-offs
|
|
(1,555)
|
|
|
(122)
|
|
|
(1,677)
|
|
|
(454)
|
|
|
(13)
|
|
|
(21)
|
|
|
(488)
|
|
|
(147)
|
|
|
2
|
|
|
(2,310)
|
|
Recoveries
|
|
271
|
|
|
34
|
|
|
305
|
|
|
168
|
|
|
3
|
|
|
5
|
|
|
176
|
|
|
4
|
|
|
(3)
|
|
|
482
|
|
Net
charge-offs
|
|
(1,284)
|
|
|
(88)
|
|
|
(1,372)
|
|
|
(286)
|
|
|
(10)
|
|
|
(16)
|
|
|
(312)
|
|
|
(143)
|
|
|
(1)
|
|
|
(1,828)
|
|
Provision for loan
and lease losses
|
|
1,402
|
|
|
84
|
|
|
1,486
|
|
|
322
|
|
|
9
|
|
|
10
|
|
|
341
|
|
|
103
|
|
|
—
|
|
|
1,930
|
|
Allowance build
(release) for loan and lease losses
|
|
118
|
|
|
(4)
|
|
|
114
|
|
|
36
|
|
|
(1)
|
|
|
(6)
|
|
|
29
|
|
|
(40)
|
|
|
(1)
|
|
|
102
|
|
Other
changes(5)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18)
|
|
|
—
|
|
|
(18)
|
|
Balance as of
December 31, 2017
|
|
5,273
|
|
|
375
|
|
|
5,648
|
|
|
1,119
|
|
|
58
|
|
|
65
|
|
|
1,242
|
|
|
611
|
|
|
1
|
|
|
7,502
|
|
Reserve for
unfunded lending commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
September 30, 2017
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
|
120
|
|
|
—
|
|
|
128
|
|
Benefit for losses on
unfunded lending commitments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
|
(1)
|
|
|
(3)
|
|
|
—
|
|
|
(4)
|
|
Balance as of
December 31, 2017
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
7
|
|
|
117
|
|
|
—
|
|
|
124
|
|
Combined allowance
and reserve as of December 31, 2017
|
|
$
|
5,273
|
|
|
$
|
375
|
|
|
$
|
5,648
|
|
|
$
|
1,119
|
|
|
$
|
58
|
|
|
$
|
72
|
|
|
$
|
1,249
|
|
|
$
|
728
|
|
|
$
|
1
|
|
|
$
|
7,626
|
|
|
|
|
Year Ended
December 31, 2017
|
|
|
Credit
Card
|
|
Consumer
Banking
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
Domestic
Card
|
|
International
Card
Businesses
|
|
Total
Credit
Card
|
|
Auto
|
|
Home
Loan
|
|
Retail
Banking
|
|
Total
Consumer
Banking
|
|
Commercial
Banking
|
|
Other(4)
|
|
Total
|
Allowance for loan
and lease losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
December 31, 2016
|
|
$
|
4,229
|
|
|
$
|
377
|
|
|
$
|
4,606
|
|
|
$
|
957
|
|
|
$
|
65
|
|
|
$
|
80
|
|
|
$
|
1,102
|
|
|
$
|
793
|
|
|
$
|
2
|
|
|
$
|
6,503
|
|
Charge-offs
|
|
(5,844)
|
|
|
(477)
|
|
|
(6,321)
|
|
|
(1,573)
|
|
|
(22)
|
|
|
(82)
|
|
|
(1,677)
|
|
|
(481)
|
|
|
(34)
|
|
|
(8,513)
|
|
Recoveries
|
|
1,105
|
|
|
162
|
|
|
1,267
|
|
|
616
|
|
|
7
|
|
|
16
|
|
|
639
|
|
|
16
|
|
|
29
|
|
|
1,951
|
|
Net
charge-offs
|
|
(4,739)
|
|
|
(315)
|
|
|
(5,054)
|
|
|
(957)
|
|
|
(15)
|
|
|
(66)
|
|
|
(1,038)
|
|
|
(465)
|
|
|
(5)
|
|
|
(6,562)
|
|
Provision for loan
and lease losses
|
|
5,783
|
|
|
283
|
|
|
6,066
|
|
|
1,119
|
|
|
10
|
|
|
51
|
|
|
1,180
|
|
|
313
|
|
|
4
|
|
|
7,563
|
|
Allowance build
(release) for loan and lease losses
|
|
1,044
|
|
|
(32)
|
|
|
1,012
|
|
|
162
|
|
|
(5)
|
|
|
(15)
|
|
|
142
|
|
|
(152)
|
|
|
(1)
|
|
|
1,001
|
|
Other
changes(5)
|
|
—
|
|
|
30
|
|
|
30
|
|
|
—
|
|
|
(2)
|
|
|
—
|
|
|
(2)
|
|
|
(30)
|
|
|
—
|
|
|
(2)
|
|
Balance as of
December 31, 2017
|
|
5,273
|
|
|
375
|
|
|
5,648
|
|
|
1,119
|
|
|
58
|
|
|
65
|
|
|
1,242
|
|
|
611
|
|
|
1
|
|
|
7,502
|
|
Reserve for
unfunded lending commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
December 31, 2016
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
7
|
|
|
129
|
|
|
—
|
|
|
136
|
|
Benefit for losses on
unfunded lending commitments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12)
|
|
|
—
|
|
|
(12)
|
|
Balance as of
December 31, 2017
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
7
|
|
|
117
|
|
|
—
|
|
|
124
|
|
Combined allowance
and reserve as of December 31, 2017
|
|
$
|
5,273
|
|
|
$
|
375
|
|
|
$
|
5,648
|
|
|
$
|
1,119
|
|
|
$
|
58
|
|
|
$
|
72
|
|
|
$
|
1,249
|
|
|
$
|
728
|
|
|
$
|
1
|
|
|
$
|
7,626
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 9: Financial
Summary—Business Segment Results
|
|
|
|
Three Months Ended
December 31, 2017
|
|
Year Ended
December 31, 2017
|
(Dollars in
millions)
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking
|
|
Other(6)
|
|
Total
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking
|
|
Other(6)
|
|
Total
|
Net interest
income
|
|
$
|
3,568
|
|
|
$
|
1,636
|
|
|
$
|
566
|
|
|
$
|
43
|
|
|
$
|
5,813
|
|
|
$
|
13,648
|
|
|
$
|
6,380
|
|
|
$
|
2,261
|
|
|
$
|
171
|
|
|
$
|
22,460
|
|
Non-interest
income
|
|
847
|
|
|
179
|
|
|
188
|
|
|
(14)
|
|
|
1,200
|
|
|
3,325
|
|
|
749
|
|
|
708
|
|
|
(5)
|
|
|
4,777
|
|
Total net
revenue(7)
|
|
4,415
|
|
|
1,815
|
|
|
754
|
|
|
29
|
|
|
7,013
|
|
|
16,973
|
|
|
7,129
|
|
|
2,969
|
|
|
166
|
|
|
27,237
|
|
Provision for credit
losses
|
|
1,486
|
|
|
340
|
|
|
100
|
|
|
—
|
|
|
1,926
|
|
|
6,066
|
|
|
1,180
|
|
|
301
|
|
|
4
|
|
|
7,551
|
|
Non-interest
expense
|
|
2,108
|
|
|
1,081
|
|
|
437
|
|
|
153
|
|
|
3,779
|
|
|
7,916
|
|
|
4,233
|
|
|
1,603
|
|
|
442
|
|
|
14,194
|
|
Income (loss) from
continuing operations before income taxes
|
|
821
|
|
|
394
|
|
|
217
|
|
|
(124)
|
|
|
1,308
|
|
|
2,991
|
|
|
1,716
|
|
|
1,065
|
|
|
(280)
|
|
|
5,492
|
|
Income tax
provision
|
|
297
|
|
|
144
|
|
|
79
|
|
|
1,650
|
|
|
2,170
|
|
|
1,071
|
|
|
626
|
|
|
389
|
|
|
1,289
|
|
|
3,375
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
524
|
|
|
$
|
250
|
|
|
$
|
138
|
|
|
$
|
(1,774)
|
|
|
$
|
(862)
|
|
|
$
|
1,920
|
|
|
$
|
1,090
|
|
|
$
|
676
|
|
|
$
|
(1,569)
|
|
|
$
|
2,117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking
|
|
Other
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
3,440
|
|
|
$
|
1,649
|
|
|
$
|
560
|
|
|
$
|
51
|
|
|
$
|
5,700
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
income
|
|
865
|
|
|
192
|
|
|
179
|
|
|
49
|
|
|
1,285
|
|
|
|
|
|
|
|
|
|
|
|
Total net
revenue(7)
|
|
4,305
|
|
|
1,841
|
|
|
739
|
|
|
100
|
|
|
6,985
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses
|
|
1,466
|
|
|
293
|
|
|
63
|
|
|
11
|
|
|
1,833
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense
|
|
1,961
|
|
|
1,051
|
|
|
394
|
|
|
161
|
|
|
3,567
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations before income taxes
|
|
878
|
|
|
497
|
|
|
282
|
|
|
(72)
|
|
|
1,585
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
(benefit)
|
|
306
|
|
|
181
|
|
|
103
|
|
|
(142)
|
|
|
448
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations, net of tax
|
|
$
|
572
|
|
|
$
|
316
|
|
|
$
|
179
|
|
|
$
|
70
|
|
|
$
|
1,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2016
|
|
Year Ended
December 31, 2016
|
(Dollars in
millions)
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking
|
|
Other
|
|
Total
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking
|
|
Other
|
|
Total
|
Net interest
income
|
|
$
|
3,353
|
|
|
$
|
1,498
|
|
|
$
|
565
|
|
|
$
|
31
|
|
|
$
|
5,447
|
|
|
$
|
12,635
|
|
|
$
|
5,829
|
|
|
$
|
2,216
|
|
|
$
|
193
|
|
|
$
|
20,873
|
|
Non-interest
income
|
|
849
|
|
|
166
|
|
|
175
|
|
|
(71)
|
|
|
1,119
|
|
|
3,380
|
|
|
733
|
|
|
578
|
|
|
(63)
|
|
|
4,628
|
|
Total net revenue
(loss)(7)
|
|
4,202
|
|
|
1,664
|
|
|
740
|
|
|
(40)
|
|
|
6,566
|
|
|
16,015
|
|
|
6,562
|
|
|
2,794
|
|
|
130
|
|
|
25,501
|
|
Provision (benefit)
for credit losses
|
|
1,322
|
|
|
365
|
|
|
66
|
|
|
(1)
|
|
|
1,752
|
|
|
4,926
|
|
|
1,055
|
|
|
483
|
|
|
(5)
|
|
|
6,459
|
|
Non-interest
expense
|
|
2,073
|
|
|
1,109
|
|
|
393
|
|
|
104
|
|
|
3,679
|
|
|
7,703
|
|
|
4,139
|
|
|
1,407
|
|
|
309
|
|
|
13,558
|
|
Income (loss) from
continuing operations before income taxes
|
|
807
|
|
|
190
|
|
|
281
|
|
|
(143)
|
|
|
1,135
|
|
|
3,386
|
|
|
1,368
|
|
|
904
|
|
|
(174)
|
|
|
5,484
|
|
Income tax provision
(benefit)
|
|
295
|
|
|
70
|
|
|
102
|
|
|
(125)
|
|
|
342
|
|
|
1,226
|
|
|
498
|
|
|
329
|
|
|
(339)
|
|
|
1,714
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
512
|
|
|
$
|
120
|
|
|
$
|
179
|
|
|
$
|
(18)
|
|
|
$
|
793
|
|
|
$
|
2,160
|
|
|
$
|
870
|
|
|
$
|
575
|
|
|
$
|
165
|
|
|
$
|
3,770
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 10:
Financial & Statistical Summary—Credit Card
Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 Q4
vs.
|
|
Year Ended
December 31,
|
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
2017
vs.
|
(Dollars in
millions, except as noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2017
|
|
2016
|
|
2016
|
Credit
Card
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
3,568
|
|
|
$
|
3,440
|
|
|
$
|
3,294
|
|
|
$
|
3,346
|
|
|
$
|
3,353
|
|
|
4
|
%
|
|
6
|
%
|
|
$
|
13,648
|
|
|
$
|
12,635
|
|
|
8
|
%
|
Non-interest
income
|
|
847
|
|
|
865
|
|
|
875
|
|
|
738
|
|
|
849
|
|
|
(2)
|
|
|
—
|
|
|
3,325
|
|
|
3,380
|
|
|
(2)
|
|
Total net
revenue
|
|
4,415
|
|
|
4,305
|
|
|
4,169
|
|
|
4,084
|
|
|
4,202
|
|
|
3
|
|
|
5
|
|
|
16,973
|
|
|
16,015
|
|
|
6
|
|
Provision for credit
losses
|
|
1,486
|
|
|
1,466
|
|
|
1,397
|
|
|
1,717
|
|
|
1,322
|
|
|
1
|
|
|
12
|
|
|
6,066
|
|
|
4,926
|
|
|
23
|
|
Non-interest
expense
|
|
2,108
|
|
|
1,961
|
|
|
1,918
|
|
|
1,929
|
|
|
2,073
|
|
|
7
|
|
|
2
|
|
|
7,916
|
|
|
7,703
|
|
|
3
|
|
Income from
continuing operations before income taxes
|
|
821
|
|
|
878
|
|
|
854
|
|
|
438
|
|
|
807
|
|
|
(6)
|
|
|
2
|
|
|
2,991
|
|
|
3,386
|
|
|
(12)
|
|
Income tax
provision
|
|
297
|
|
|
306
|
|
|
301
|
|
|
167
|
|
|
295
|
|
|
(3)
|
|
|
1
|
|
|
1,071
|
|
|
1,226
|
|
|
(13)
|
|
Income from
continuing operations, net of tax
|
|
$
|
524
|
|
|
$
|
572
|
|
|
$
|
553
|
|
|
$
|
271
|
|
|
$
|
512
|
|
|
(8)
|
|
|
2
|
|
|
$
|
1,920
|
|
|
$
|
2,160
|
|
|
(11)
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
114,762
|
|
|
$
|
109,130
|
|
|
$
|
101,590
|
|
|
$
|
99,213
|
|
|
$
|
105,552
|
|
|
5
|
|
|
9
|
|
|
$
|
114,762
|
|
|
$
|
105,552
|
|
|
9
|
|
Average loans held
for investment
|
|
110,029
|
|
|
102,545
|
|
|
100,043
|
|
|
101,169
|
|
|
100,791
|
|
|
7
|
|
|
9
|
|
|
103,468
|
|
|
96,560
|
|
|
7
|
|
Average yield on
loans held for investment(8)
|
|
15.13
|
%
|
|
15.58
|
%
|
|
15.14
|
%
|
|
14.99
|
%
|
|
14.93
|
%
|
|
(45)
|
bps
|
|
20
|
bps
|
|
15.21
|
%
|
|
14.68
|
%
|
|
53
|
bps
|
Total net revenue
margin(9)
|
|
16.05
|
|
|
16.79
|
|
|
16.67
|
|
|
16.14
|
|
|
16.68
|
|
|
(74)
|
|
|
(63)
|
|
|
16.40
|
|
|
16.59
|
|
|
(19)
|
|
Net charge-off
rate(1)
|
|
4.99
|
|
|
4.51
|
|
|
5.02
|
|
|
5.02
|
|
|
4.56
|
|
|
48
|
|
|
43
|
|
|
4.88
|
|
|
4.09
|
|
|
79
|
|
30+ day performing
delinquency rate(1)
|
|
3.98
|
|
|
3.91
|
|
|
3.60
|
|
|
3.68
|
|
|
3.91
|
|
|
7
|
|
|
7
|
|
|
3.98
|
|
|
3.91
|
|
|
7
|
|
30+ day delinquency
rate
|
|
3.99
|
|
|
3.92
|
|
|
3.62
|
|
|
3.71
|
|
|
3.94
|
|
|
7
|
|
|
5
|
|
|
3.99
|
|
|
3.94
|
|
|
5
|
|
Nonperforming loan
rate(2)
|
|
0.02
|
|
|
0.02
|
|
|
0.03
|
|
|
0.04
|
|
|
0.04
|
|
|
—
|
|
|
(2)
|
|
|
0.02
|
|
|
0.04
|
|
|
(2)
|
|
Purchase
volume(10)
|
|
$
|
95,659
|
|
|
$
|
84,505
|
|
|
$
|
83,079
|
|
|
$
|
73,197
|
|
|
$
|
82,824
|
|
|
13
|
%
|
|
15
|
%
|
|
$
|
336,440
|
|
|
$
|
307,138
|
|
|
10
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 Q4
vs.
|
|
Year Ended
December 31,
|
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
2017
vs.
|
(Dollars in
millions, except as noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2017
|
|
2016
|
|
2016
|
Domestic
Card
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
3,268
|
|
|
$
|
3,132
|
|
|
$
|
3,011
|
|
|
$
|
3,093
|
|
|
$
|
3,090
|
|
|
4
|
%
|
|
6
|
%
|
|
$
|
12,504
|
|
|
$
|
11,571
|
|
|
8
|
%
|
Non-interest
income
|
|
781
|
|
|
787
|
|
|
802
|
|
|
699
|
|
|
791
|
|
|
(1)
|
|
|
(1)
|
|
|
3,069
|
|
|
3,116
|
|
|
(2)
|
|
Total net
revenue
|
|
4,049
|
|
|
3,919
|
|
|
3,813
|
|
|
3,792
|
|
|
3,881
|
|
|
3
|
|
|
4
|
|
|
15,573
|
|
|
14,687
|
|
|
6
|
|
Provision for credit
losses
|
|
1,402
|
|
|
1,417
|
|
|
1,327
|
|
|
1,637
|
|
|
1,229
|
|
|
(1)
|
|
|
14
|
|
|
5,783
|
|
|
4,555
|
|
|
27
|
|
Non-interest
expense
|
|
1,880
|
|
|
1,754
|
|
|
1,727
|
|
|
1,717
|
|
|
1,859
|
|
|
7
|
|
|
1
|
|
|
7,078
|
|
|
6,895
|
|
|
3
|
|
Income from
continuing operations before income taxes
|
|
767
|
|
|
748
|
|
|
759
|
|
|
438
|
|
|
793
|
|
|
3
|
|
|
(3)
|
|
|
2,712
|
|
|
3,237
|
|
|
(16)
|
|
Income tax
provision
|
|
280
|
|
|
273
|
|
|
277
|
|
|
160
|
|
|
288
|
|
|
3
|
|
|
(3)
|
|
|
990
|
|
|
1,178
|
|
|
(16)
|
|
Income from
continuing operations, net of tax
|
|
$
|
487
|
|
|
$
|
475
|
|
|
$
|
482
|
|
|
$
|
278
|
|
|
$
|
505
|
|
|
3
|
|
|
(4)
|
|
|
$
|
1,722
|
|
|
$
|
2,059
|
|
|
(16)
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
105,293
|
|
|
$
|
99,981
|
|
|
$
|
92,866
|
|
|
$
|
91,092
|
|
|
$
|
97,120
|
|
|
5
|
|
|
8
|
|
|
$
|
105,293
|
|
|
$
|
97,120
|
|
|
8
|
|
Average loans held
for investment
|
|
101,087
|
|
|
93,729
|
|
|
91,769
|
|
|
93,034
|
|
|
92,623
|
|
|
8
|
|
|
9
|
|
|
94,923
|
|
|
88,394
|
|
|
7
|
|
Average yield on
loans held for investment(8)
|
|
15.08
|
%
|
|
15.51
|
%
|
|
15.07
|
%
|
|
15.01
|
%
|
|
14.91
|
%
|
|
(43)
|
bps
|
|
17
|
bps
|
|
15.16
|
%
|
|
14.62
|
%
|
|
54
|
bps
|
Total net revenue
margin(9)
|
|
16.03
|
|
|
16.72
|
|
|
16.62
|
|
|
16.30
|
|
|
16.76
|
|
|
(69)
|
|
|
(73)
|
|
|
16.41
|
|
|
16.62
|
|
|
(21)
|
|
Net charge-off
rate(1)
|
|
5.08
|
|
|
4.64
|
|
|
5.11
|
|
|
5.14
|
|
|
4.66
|
|
|
44
|
|
|
42
|
|
|
4.99
|
|
|
4.16
|
|
|
83
|
|
30+ day delinquency
rate
|
|
4.01
|
|
|
3.94
|
|
|
3.63
|
|
|
3.71
|
|
|
3.95
|
|
|
7
|
|
|
6
|
|
|
4.01
|
|
|
3.95
|
|
|
6
|
|
Purchase
volume(10)
|
|
$
|
87,287
|
|
|
$
|
76,806
|
|
|
$
|
75,781
|
|
|
$
|
66,950
|
|
|
$
|
75,639
|
|
|
14
|
%
|
|
15
|
%
|
|
$
|
306,824
|
|
|
$
|
280,637
|
|
|
9
|
%
|
Refreshed FICO
scores:(11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater than
660
|
|
66
|
%
|
|
65
|
%
|
|
64
|
%
|
|
63
|
%
|
|
64
|
%
|
|
1
|
|
|
2
|
|
|
66
|
%
|
|
64
|
%
|
|
2
|
|
660 or
below
|
|
34
|
|
|
35
|
|
|
36
|
|
|
37
|
|
|
36
|
|
|
(1)
|
|
|
(2)
|
|
|
34
|
|
|
36
|
|
|
(2)
|
|
Total
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
100
|
%
|
|
100
|
%
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 11:
Financial & Statistical Summary—Consumer Banking
Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 Q4
vs.
|
|
Year Ended
December 31,
|
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
2017
vs.
|
(Dollars in
millions, except as noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2017
|
|
2016
|
|
2016
|
Consumer
Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
1,636
|
|
|
$
|
1,649
|
|
|
$
|
1,578
|
|
|
$
|
1,517
|
|
|
$
|
1,498
|
|
|
(1)
|
%
|
|
9
|
%
|
|
$
|
6,380
|
|
|
$
|
5,829
|
|
|
9
|
%
|
Non-interest
income
|
|
179
|
|
|
192
|
|
|
183
|
|
|
195
|
|
|
166
|
|
|
(7)
|
|
|
8
|
|
|
749
|
|
|
733
|
|
|
2
|
|
Total net
revenue
|
|
1,815
|
|
|
1,841
|
|
|
1,761
|
|
|
1,712
|
|
|
1,664
|
|
|
(1)
|
|
|
9
|
|
|
7,129
|
|
|
6,562
|
|
|
9
|
|
Provision for credit
losses
|
|
340
|
|
|
293
|
|
|
268
|
|
|
279
|
|
|
365
|
|
|
16
|
|
|
(7)
|
|
|
1,180
|
|
|
1,055
|
|
|
12
|
|
Non-interest
expense
|
|
1,081
|
|
|
1,051
|
|
|
1,059
|
|
|
1,042
|
|
|
1,109
|
|
|
3
|
|
|
(3)
|
|
|
4,233
|
|
|
4,139
|
|
|
2
|
|
Income from
continuing operations before income taxes
|
|
394
|
|
|
497
|
|
|
434
|
|
|
391
|
|
|
190
|
|
|
(21)
|
|
|
107
|
|
|
1,716
|
|
|
1,368
|
|
|
25
|
|
Income tax
provision
|
|
144
|
|
|
181
|
|
|
158
|
|
|
143
|
|
|
70
|
|
|
(20)
|
|
|
106
|
|
|
626
|
|
|
498
|
|
|
26
|
|
Income from
continuing operations, net of tax
|
|
$
|
250
|
|
|
$
|
316
|
|
|
$
|
276
|
|
|
$
|
248
|
|
|
$
|
120
|
|
|
(21)
|
|
|
108
|
|
|
$
|
1,090
|
|
|
$
|
870
|
|
|
25
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
75,078
|
|
|
$
|
75,564
|
|
|
$
|
74,973
|
|
|
$
|
73,982
|
|
|
$
|
73,054
|
|
|
(1)
|
|
|
3
|
|
|
$
|
75,078
|
|
|
$
|
73,054
|
|
|
3
|
|
Average loans held
for investment
|
|
75,289
|
|
|
75,363
|
|
|
74,469
|
|
|
73,331
|
|
|
72,659
|
|
|
—
|
|
|
4
|
|
|
74,621
|
|
|
71,422
|
|
|
4
|
|
Average yield on
loans held for investment(8)
|
|
6.84
|
%
|
|
6.79
|
%
|
|
6.56
|
%
|
|
6.48
|
%
|
|
6.50
|
%
|
|
5
|
bps
|
|
34
|
bps
|
|
6.67
|
%
|
|
6.34
|
%
|
|
33
|
bps
|
Auto loan
originations
|
|
$
|
6,215
|
|
|
$
|
7,043
|
|
|
$
|
7,453
|
|
|
$
|
7,025
|
|
|
$
|
6,542
|
|
|
(12)
|
%
|
|
(5)
|
%
|
|
$
|
27,737
|
|
|
$
|
25,719
|
|
|
8
|
%
|
Period-end
deposits
|
|
185,842
|
|
|
184,719
|
|
|
186,607
|
|
|
188,216
|
|
|
181,917
|
|
|
1
|
|
|
2
|
|
|
185,842
|
|
|
181,917
|
|
|
2
|
|
Average
deposits
|
|
184,799
|
|
|
185,072
|
|
|
186,989
|
|
|
183,936
|
|
|
180,019
|
|
|
—
|
|
|
3
|
|
|
185,201
|
|
|
177,129
|
|
|
5
|
|
Average deposits
interest rate
|
|
0.69
|
%
|
|
0.62
|
%
|
|
0.59
|
%
|
|
0.57
|
%
|
|
0.57
|
%
|
|
7
|
bps
|
|
12
|
bps
|
|
0.62
|
%
|
|
0.56
|
%
|
|
6
|
bps
|
Net charge-off
rate
|
|
1.66
|
|
|
1.47
|
|
|
1.25
|
|
|
1.19
|
|
|
1.45
|
|
|
19
|
|
|
21
|
|
|
1.39
|
|
|
1.15
|
|
|
24
|
|
30+ day performing
delinquency rate
|
|
4.76
|
|
|
4.10
|
|
|
3.79
|
|
|
3.45
|
|
|
4.10
|
|
|
66
|
|
|
66
|
|
|
4.76
|
|
|
4.10
|
|
|
66
|
|
30+ day delinquency
rate
|
|
5.34
|
|
|
4.61
|
|
|
4.33
|
|
|
3.93
|
|
|
4.67
|
|
|
73
|
|
|
67
|
|
|
5.34
|
|
|
4.67
|
|
|
67
|
|
Nonperforming loan
rate(2)
|
|
0.78
|
|
|
0.71
|
|
|
0.75
|
|
|
0.64
|
|
|
0.72
|
|
|
7
|
|
|
6
|
|
|
0.78
|
|
|
0.72
|
|
|
6
|
|
Nonperforming asset
rate(3)
|
|
0.91
|
|
|
0.88
|
|
|
0.96
|
|
|
0.92
|
|
|
1.09
|
|
|
3
|
|
|
(18)
|
|
|
0.91
|
|
|
1.09
|
|
|
(18)
|
|
Auto—At
origination FICO scores:(12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater than
660
|
|
51
|
%
|
|
51
|
%
|
|
51
|
%
|
|
51
|
%
|
|
52
|
%
|
|
—
|
|
|
(1)
|
%
|
|
51
|
%
|
|
52
|
%
|
|
(1)
|
%
|
621 - 660
|
|
18
|
|
|
18
|
|
|
18
|
|
|
18
|
|
|
17
|
|
|
—
|
|
|
1
|
|
|
18
|
|
|
17
|
|
|
1
|
|
620 or
below
|
|
31
|
|
|
31
|
|
|
31
|
|
|
31
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|
31
|
|
|
—
|
|
Total
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
100
|
%
|
|
100
|
%
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 12:
Financial & Statistical Summary—Commercial Banking
Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 Q4
vs.
|
|
Year Ended
December 31,
|
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
2017
vs.
|
(Dollars in
millions, except as noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2017
|
|
2016
|
|
2016
|
Commercial
Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
566
|
|
|
$
|
560
|
|
|
$
|
569
|
|
|
$
|
566
|
|
|
$
|
565
|
|
|
1
|
%
|
|
—
|
|
|
$
|
2,261
|
|
|
$
|
2,216
|
|
|
2
|
%
|
Non-interest
income
|
|
188
|
|
|
179
|
|
|
183
|
|
|
158
|
|
|
175
|
|
|
5
|
|
|
7
|
%
|
|
708
|
|
|
578
|
|
|
22
|
|
Total net
revenue(7)
|
|
754
|
|
|
739
|
|
|
752
|
|
|
724
|
|
|
740
|
|
|
2
|
|
|
2
|
|
|
2,969
|
|
|
2,794
|
|
|
6
|
|
Provision (benefit)
for credit losses
|
|
100
|
|
|
63
|
|
|
140
|
|
|
(2)
|
|
|
66
|
|
|
59
|
|
|
52
|
|
|
301
|
|
|
483
|
|
|
(38)
|
|
Non-interest
expense
|
|
437
|
|
|
394
|
|
|
381
|
|
|
391
|
|
|
393
|
|
|
11
|
|
|
11
|
|
|
1,603
|
|
|
1,407
|
|
|
14
|
|
Income from
continuing operations before income taxes
|
|
217
|
|
|
282
|
|
|
231
|
|
|
335
|
|
|
281
|
|
|
(23)
|
|
|
(23)
|
|
|
1,065
|
|
|
904
|
|
|
18
|
|
Income tax
provision
|
|
79
|
|
|
103
|
|
|
85
|
|
|
122
|
|
|
102
|
|
|
(23)
|
|
|
(23)
|
|
|
389
|
|
|
329
|
|
|
18
|
|
Income from
continuing operations, net of tax
|
|
$
|
138
|
|
|
$
|
179
|
|
|
$
|
146
|
|
|
$
|
213
|
|
|
$
|
179
|
|
|
(23)
|
|
|
(23)
|
|
|
$
|
676
|
|
|
$
|
575
|
|
|
18
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
64,575
|
|
|
$
|
67,670
|
|
|
$
|
67,672
|
|
|
$
|
67,320
|
|
|
$
|
66,916
|
|
|
(5)
|
|
|
(3)
|
|
|
$
|
64,575
|
|
|
$
|
66,916
|
|
|
(3)
|
|
Average loans held
for investment
|
|
67,200
|
|
|
67,859
|
|
|
67,669
|
|
|
66,938
|
|
|
66,515
|
|
|
(1)
|
|
|
1
|
|
|
67,418
|
|
|
65,221
|
|
|
3
|
|
Average yield on
loans held for investment(7)(8)
|
|
4.03
|
%
|
|
3.98
|
%
|
|
3.81
|
%
|
|
3.65
|
%
|
|
3.55
|
%
|
|
5
|
bps
|
|
48
|
bps
|
|
3.87
|
%
|
|
3.47
|
%
|
|
40
|
bps
|
Period-end
deposits
|
|
$
|
33,938
|
|
|
$
|
32,783
|
|
|
$
|
33,153
|
|
|
$
|
33,735
|
|
|
$
|
33,866
|
|
|
4
|
%
|
|
—
|
|
|
$
|
33,938
|
|
|
$
|
33,866
|
|
|
—
|
|
Average
deposits
|
|
34,117
|
|
|
33,197
|
|
|
34,263
|
|
|
34,219
|
|
|
34,029
|
|
|
3
|
|
|
—
|
|
|
33,947
|
|
|
33,841
|
|
|
—
|
|
Average deposits
interest rate
|
|
0.46
|
%
|
|
0.42
|
%
|
|
0.36
|
%
|
|
0.31
|
%
|
|
0.30
|
%
|
|
4
|
bps
|
|
16
|
bps
|
|
0.39
|
%
|
|
0.28
|
%
|
|
11
|
bps
|
Net charge-off
rate
|
|
0.85
|
|
|
0.96
|
|
|
0.80
|
|
|
0.14
|
|
|
0.47
|
|
|
(11)
|
|
|
38
|
|
|
0.69
|
|
|
0.45
|
|
|
24
|
|
Nonperforming loan
rate(2)
|
|
0.44
|
|
|
1.16
|
|
|
1.01
|
|
|
1.25
|
|
|
1.53
|
|
|
(72)
|
|
|
(109)
|
|
|
0.44
|
|
|
1.53
|
|
|
(109)
|
|
Nonperforming asset
rate(3)
|
|
0.52
|
|
|
1.22
|
|
|
1.04
|
|
|
1.27
|
|
|
1.54
|
|
|
(70)
|
|
|
(102)
|
|
|
0.52
|
|
|
1.54
|
|
|
(102)
|
|
Risk
category:(13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncriticized
|
|
$
|
61,162
|
|
|
$
|
63,501
|
|
|
$
|
63,802
|
|
|
$
|
63,390
|
|
|
$
|
62,828
|
|
|
(4)
|
%
|
|
(3)
|
%
|
|
$
|
61,162
|
|
|
$
|
62,828
|
|
|
(3)
|
%
|
Criticized
performing
|
|
2,649
|
|
|
2,878
|
|
|
2,660
|
|
|
2,492
|
|
|
2,453
|
|
|
(8)
|
|
|
8
|
|
|
2,649
|
|
|
2,453
|
|
|
8
|
|
Criticized
nonperforming
|
|
284
|
|
|
788
|
|
|
686
|
|
|
844
|
|
|
1,022
|
|
|
(64)
|
|
|
(72)
|
|
|
284
|
|
|
1,022
|
|
|
(72)
|
|
PCI loans
|
|
480
|
|
|
503
|
|
|
524
|
|
|
594
|
|
|
613
|
|
|
(5)
|
|
|
(22)
|
|
|
480
|
|
|
613
|
|
|
(22)
|
|
Total commercial
loans
|
|
$
|
64,575
|
|
|
$
|
67,670
|
|
|
$
|
67,672
|
|
|
$
|
67,320
|
|
|
$
|
66,916
|
|
|
(5)
|
|
|
(3)
|
|
|
$
|
64,575
|
|
|
$
|
66,916
|
|
|
(3)
|
|
Risk category as a
percentage of period-end loans held for
investment:(13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncriticized
|
|
94.7
|
%
|
|
93.8
|
%
|
|
94.3
|
%
|
|
94.2
|
%
|
|
93.9
|
%
|
|
90
|
bps
|
|
80
|
bps
|
|
94.7
|
%
|
|
93.9
|
%
|
|
80
|
bps
|
Criticized
performing
|
|
4.1
|
|
|
4.3
|
|
|
3.9
|
|
|
3.7
|
|
|
3.7
|
|
|
(20)
|
|
|
40
|
|
|
4.1
|
|
|
3.7
|
|
|
40
|
|
Criticized
nonperforming
|
|
0.4
|
|
|
1.2
|
|
|
1.0
|
|
|
1.2
|
|
|
1.5
|
|
|
(80)
|
|
|
(110)
|
|
|
0.4
|
|
|
1.5
|
|
|
(110)
|
|
PCI loans
|
|
0.8
|
|
|
0.7
|
|
|
0.8
|
|
|
0.9
|
|
|
0.9
|
|
|
10
|
|
|
(10)
|
|
|
0.8
|
|
|
0.9
|
|
|
(10)
|
|
Total commercial
loans
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 13:
Financial & Statistical Summary—Other and Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 Q4
vs.
|
|
Year Ended
December 31,
|
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
2017
vs.
|
(Dollars in
millions)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2017
|
|
2016
|
|
2016
|
Other(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
43
|
|
|
$
|
51
|
|
|
$
|
32
|
|
|
$
|
45
|
|
|
$
|
31
|
|
|
(16)
|
%
|
|
39
|
%
|
|
$
|
171
|
|
|
$
|
193
|
|
|
(11)
|
%
|
Non-interest
income
|
|
(14)
|
|
|
49
|
|
|
(10)
|
|
|
(30)
|
|
|
(71)
|
|
|
**
|
|
(80)
|
|
|
(5)
|
|
|
(63)
|
|
|
(92)
|
|
Total net revenue
(loss)(7)
|
|
29
|
|
|
100
|
|
|
22
|
|
|
15
|
|
|
(40)
|
|
|
(71)
|
|
|
**
|
|
166
|
|
|
130
|
|
|
28
|
|
Provision (benefit)
for credit losses
|
|
—
|
|
|
11
|
|
|
(5)
|
|
|
(2)
|
|
|
(1)
|
|
|
**
|
|
**
|
|
4
|
|
|
(5)
|
|
|
**
|
Non-interest
expense(14)
|
|
153
|
|
|
161
|
|
|
56
|
|
|
72
|
|
|
104
|
|
|
(5)
|
|
|
47
|
|
|
442
|
|
|
309
|
|
|
43
|
|
Loss from continuing
operations before income taxes
|
|
(124)
|
|
|
(72)
|
|
|
(29)
|
|
|
(55)
|
|
|
(143)
|
|
|
72
|
|
|
(13)
|
|
|
(280)
|
|
|
(174)
|
|
|
61
|
|
Income tax provision
(benefit)
|
|
1,650
|
|
|
(142)
|
|
|
(101)
|
|
|
(118)
|
|
|
(125)
|
|
|
**
|
|
**
|
|
1,289
|
|
|
(339)
|
|
|
**
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
(1,774)
|
|
|
$
|
70
|
|
|
$
|
72
|
|
|
$
|
63
|
|
|
$
|
(18)
|
|
|
**
|
|
**
|
|
$
|
(1,569)
|
|
|
$
|
165
|
|
|
**
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
58
|
|
|
$
|
58
|
|
|
$
|
67
|
|
|
$
|
73
|
|
|
$
|
64
|
|
|
—
|
|
|
(9)
|
|
|
$
|
58
|
|
|
$
|
64
|
|
|
(9)
|
|
Average loans held
for investment
|
|
48
|
|
|
55
|
|
|
60
|
|
|
67
|
|
|
62
|
|
|
(13)
|
|
|
(23)
|
|
|
58
|
|
|
69
|
|
|
(16)
|
|
Period-end
deposits
|
|
23,922
|
|
|
21,560
|
|
|
20,003
|
|
|
19,231
|
|
|
20,985
|
|
|
11
|
|
|
14
|
|
|
23,922
|
|
|
20,985
|
|
|
14
|
|
Average
deposits
|
|
22,646
|
|
|
20,574
|
|
|
19,298
|
|
|
20,395
|
|
|
18,156
|
|
|
10
|
|
|
25
|
|
|
20,734
|
|
|
12,744
|
|
|
63
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
5,813
|
|
|
$
|
5,700
|
|
|
$
|
5,473
|
|
|
$
|
5,474
|
|
|
$
|
5,447
|
|
|
2
|
%
|
|
7
|
%
|
|
$
|
22,460
|
|
|
$
|
20,873
|
|
|
8
|
%
|
Non-interest
income
|
|
1,200
|
|
|
1,285
|
|
|
1,231
|
|
|
1,061
|
|
|
1,119
|
|
|
(7)
|
|
|
7
|
|
|
4,777
|
|
|
4,628
|
|
|
3
|
|
Total net
revenue
|
|
7,013
|
|
|
6,985
|
|
|
6,704
|
|
|
6,535
|
|
|
6,566
|
|
|
—
|
|
|
7
|
|
|
27,237
|
|
|
25,501
|
|
|
7
|
|
Provision for credit
losses
|
|
1,926
|
|
|
1,833
|
|
|
1,800
|
|
|
1,992
|
|
|
1,752
|
|
|
5
|
|
|
10
|
|
|
7,551
|
|
|
6,459
|
|
|
17
|
|
Non-interest
expense
|
|
3,779
|
|
|
3,567
|
|
|
3,414
|
|
|
3,434
|
|
|
3,679
|
|
|
6
|
|
|
3
|
|
|
14,194
|
|
|
13,558
|
|
|
5
|
|
Income from
continuing operations before income taxes
|
|
1,308
|
|
|
1,585
|
|
|
1,490
|
|
|
1,109
|
|
|
1,135
|
|
|
(17)
|
|
|
15
|
|
|
5,492
|
|
|
5,484
|
|
|
—
|
|
Income tax
provision
|
|
2,170
|
|
|
448
|
|
|
443
|
|
|
314
|
|
|
342
|
|
|
**
|
|
**
|
|
3,375
|
|
|
1,714
|
|
|
97
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
|
(862)
|
|
|
$
|
1,137
|
|
|
$
|
1,047
|
|
|
$
|
795
|
|
|
$
|
793
|
|
|
**
|
|
**
|
|
$
|
2,117
|
|
|
$
|
3,770
|
|
|
(44)
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
|
254,473
|
|
|
$
|
252,422
|
|
|
$
|
244,302
|
|
|
$
|
240,588
|
|
|
$
|
245,586
|
|
|
1
|
|
|
4
|
|
|
$
|
254,473
|
|
|
$
|
245,586
|
|
|
4
|
|
Average loans held
for investment
|
|
252,566
|
|
|
245,822
|
|
|
242,241
|
|
|
241,505
|
|
|
240,027
|
|
|
3
|
|
|
5
|
|
|
245,565
|
|
|
233,272
|
|
|
5
|
|
Period-end
deposits
|
|
243,702
|
|
|
239,062
|
|
|
239,763
|
|
|
241,182
|
|
|
236,768
|
|
|
2
|
|
|
3
|
|
|
243,702
|
|
|
236,768
|
|
|
3
|
|
Average
deposits
|
|
241,562
|
|
|
238,843
|
|
|
240,550
|
|
|
238,550
|
|
|
232,204
|
|
|
1
|
|
|
4
|
|
|
239,882
|
|
|
223,714
|
|
|
7
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 14: Notes to
Loan, Allowance and Business Segment Disclosures (Tables
7—13)
|
|
|
(1)
|
On September 25,
2017, we completed the Cabela's acquisition. The total credit card
and domestic credit card metrics as of and for the three months and
year ended December 31, 2017 include the impact of this
acquisition. Excluding this impact (i) the total credit card and
domestic credit card net charge-off rates for the three months
ended December 31, 2017 would have been 5.24% and 5.36%,
respectively; (ii) the total credit card and domestic credit card
net charge-off rates for the year ended December 31, 2017 would
have been 4.95% and 5.07%, respectively; and (iii) the total credit
card and domestic credit card 30+ day performing delinquency rates
as of December 31, 2017 would have been 4.14% and 4.18%,
respectively.
|
(2)
|
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.
|
(3)
|
Nonperforming assets
consist of nonperforming loans, real estate owned ("REO") 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, REO and other
foreclosed assets.
|
(4)
|
Primarily consists of
the legacy loan portfolio of our discontinued GreenPoint mortgage
operations.
|
(5)
|
Represents foreign
currency translation adjustments and the net impact of loan
transfers and sales.
|
(6)
|
Charges for the
impacts of the Tax Act of $1.77 billion are reflected in the Other
category of our business segment results for Q4 2017 and the year
ended December 31, 2017. This amount is a reasonable estimate as of
December 31, 2017, which may be adjusted during the measurement
period ending no later than December 2018. The Tax Act refers to
the Act to provide for reconciliation pursuant to titles II and V
of the concurrent resolution on budget for fiscal year 2018 enacted
on December 22, 2017.
|
(7)
|
Some of our
tax-related commercial investments generate tax-exempt income or
tax credits. Accordingly, we make certain reclassifications within
our Commercial Banking business results to present revenues and
yields on a taxable-equivalent basis, calculated assuming an
effective tax rate approximately equal to our federal statutory tax
rate (35% for all periods presented) with offsetting
reclassifications to the Other category.
|
(8)
|
Average yield on
loans held for investment is calculated based on annualized
interest income for the period divided by average loans held for
investment during the period for the respective loan category.
Annualized interest income is computed based on the effective yield
of the respective loan category and does not include any
allocations, such as funds transfer pricing.
|
(9)
|
Total net revenue
margin is calculated based on annualized total net revenue for the
period divided by average loans held for investment during the
period for the respective loan category.
|
(10)
|
Purchase volume
consists of purchase transactions, net of returns, for the period
for loans both classified as held for investment and held for sale,
and excludes cash advance and balance transfer
transactions.
|
(11)
|
Percentages represent
period-end loans held for investment in each credit score category.
Domestic card credit scores generally represent FICO scores. These
scores are obtained from one of the major credit bureaus at
origination and are refreshed monthly thereafter. We approximate
non-FICO credit scores to comparable FICO scores for consistency
purposes. Balances for which no credit score is available or the
credit score is invalid are included in the 660 or below
category.
|
(12)
|
Percentages represent
period-end loans held for investment in each credit score category.
Auto credit scores generally represent average FICO scores obtained
from three credit bureaus at the time of application and are not
refreshed thereafter. Balances for which no credit score is
available or the credit score is invalid are included in the 620 or
below category.
|
(13)
|
Criticized exposures
correspond to the "Special Mention," "Substandard" and "Doubtful"
asset categories defined by bank regulatory authorities.
|
(14)
|
Includes charges
incurred as a result of restructuring activities.
|
**
|
Not
meaningful.
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 15:
Calculation of Regulatory Capital Measures and Reconciliation of
Non-GAAP Measures(1)
|
|
|
|
Basel III
Standardized Approach
|
(Dollars in
millions, except as noted)
|
|
December 31,
2017
|
|
September 30,
2017
|
|
June 30,
2017
|
|
March 31,
2017
|
|
December 31,
2016
|
Regulatory Capital
Metrics
|
|
|
|
|
|
|
|
|
|
|
Common equity
excluding AOCI
|
|
$
|
45,296
|
|
|
$
|
46,415
|
|
|
$
|
45,459
|
|
|
$
|
44,614
|
|
|
$
|
44,103
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
AOCI(2)(3)
|
|
(808)
|
|
|
(538)
|
|
|
(593)
|
|
|
(807)
|
|
|
(674)
|
|
Goodwill, net of
related deferred tax liabilities
|
|
(14,380)
|
|
|
(14,300)
|
|
|
(14,299)
|
|
|
(14,302)
|
|
|
(14,307)
|
|
Intangible assets,
net of related deferred tax liabilities(3)
|
|
(330)
|
|
|
(372)
|
|
|
(419)
|
|
|
(465)
|
|
|
(384)
|
|
Other
|
|
258
|
|
|
93
|
|
|
78
|
|
|
121
|
|
|
65
|
|
Common equity Tier 1
capital
|
|
$
|
30,036
|
|
|
$
|
31,298
|
|
|
$
|
30,226
|
|
|
$
|
29,161
|
|
|
$
|
28,803
|
|
Tier 1
capital
|
|
$
|
34,396
|
|
|
$
|
35,657
|
|
|
$
|
34,585
|
|
|
$
|
33,519
|
|
|
$
|
33,162
|
|
Total
capital(4)
|
|
41,963
|
|
|
43,272
|
|
|
42,101
|
|
|
40,979
|
|
|
40,817
|
|
Risk-weighted
assets
|
|
292,256
|
|
|
292,041
|
|
|
283,231
|
|
|
279,302
|
|
|
285,756
|
|
Adjusted average
assets(5)
|
|
348,424
|
|
|
340,579
|
|
|
335,248
|
|
|
336,990
|
|
|
335,835
|
|
Capital
Ratios
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1
capital(6)
|
|
10.3
|
%
|
|
10.7
|
%
|
|
10.7
|
%
|
|
10.4
|
%
|
|
10.1
|
%
|
Tier 1
capital(7)
|
|
11.8
|
|
|
12.2
|
|
|
12.2
|
|
|
12.0
|
|
|
11.6
|
|
Total
capital(8)
|
|
14.4
|
|
|
14.8
|
|
|
14.9
|
|
|
14.7
|
|
|
14.3
|
|
Tier 1
leverage(5)
|
|
9.9
|
|
|
10.5
|
|
|
10.3
|
|
|
9.9
|
|
|
9.9
|
|
Tangible common
equity ("TCE")(9)
|
|
8.3
|
|
|
8.8
|
|
|
8.8
|
|
|
8.5
|
|
|
8.1
|
|
|
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 and
provide alternate measurements of our performance. The following
tables present reconciliations of these non-GAAP measures to the
applicable amounts measured in accordance with GAAP.
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Year
Ended
|
|
|
December 31,
2017
|
|
September 30,
2017
|
|
December 31,
2017
|
(Dollars in
millions, except per share data and as noted)
|
|
Reported
Results
|
|
Adj.(10)
|
|
Adjusted
Results
|
|
Reported
Results
|
|
Adj.(10)
|
|
Adjusted
Results
|
|
Reported
Results
|
|
Adj.(10)
|
|
Adjusted
Results
|
Selected income
statement data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
5,813
|
|
|
$
|
11
|
|
|
$
|
5,824
|
|
|
$
|
16,647
|
|
|
$
|
33
|
|
|
$
|
16,680
|
|
|
$
|
22,460
|
|
|
$
|
44
|
|
|
$
|
22,504
|
|
Non-interest
income
|
|
1,200
|
|
|
9
|
|
|
1,209
|
|
|
3,577
|
|
|
37
|
|
|
3,614
|
|
|
4,777
|
|
|
46
|
|
|
4,823
|
|
Total net
revenue
|
|
7,013
|
|
|
20
|
|
|
7,033
|
|
|
20,224
|
|
|
70
|
|
|
20,294
|
|
|
27,237
|
|
|
90
|
|
|
27,327
|
|
Provision for credit
losses
|
|
1,926
|
|
|
—
|
|
|
1,926
|
|
|
5,625
|
|
|
(88)
|
|
|
5,537
|
|
|
7,551
|
|
|
(88)
|
|
|
7,463
|
|
Non-interest
expense
|
|
3,779
|
|
|
(87)
|
|
|
3,692
|
|
|
10,415
|
|
|
(166)
|
|
|
10,249
|
|
|
14,194
|
|
|
(253)
|
|
|
13,941
|
|
Income from
continuing operations before income taxes
|
|
1,308
|
|
|
107
|
|
|
1,415
|
|
|
4,184
|
|
|
324
|
|
|
4,508
|
|
|
5,492
|
|
|
431
|
|
|
5,923
|
|
Income tax provision
(benefit)
|
|
2,170
|
|
|
(1,742)
|
|
|
428
|
|
|
1,205
|
|
|
82
|
|
|
1,287
|
|
|
3,375
|
|
|
(1,660)
|
|
|
1,715
|
|
Income (loss) from
continuing operations, net of tax
|
|
(862)
|
|
|
1,849
|
|
|
987
|
|
|
2,979
|
|
|
242
|
|
|
3,221
|
|
|
2,117
|
|
|
2,091
|
|
|
4,208
|
|
Income (loss) from
discontinued operations, net of tax
|
|
(109)
|
|
|
—
|
|
|
(109)
|
|
|
(26)
|
|
|
—
|
|
|
(26)
|
|
|
(135)
|
|
|
—
|
|
|
(135)
|
|
Net income
(loss)
|
|
(971)
|
|
|
1,849
|
|
|
878
|
|
|
2,953
|
|
|
242
|
|
|
3,195
|
|
|
1,982
|
|
|
2,091
|
|
|
4,073
|
|
Dividends and
undistributed earnings allocated to participating
securities(12)
|
|
(1)
|
|
|
(5)
|
|
|
(6)
|
|
|
(21)
|
|
|
—
|
|
|
(21)
|
|
|
(13)
|
|
|
(15)
|
|
|
(28)
|
|
Preferred stock
dividends
|
|
(80)
|
|
|
—
|
|
|
(80)
|
|
|
(185)
|
|
|
—
|
|
|
(185)
|
|
|
(265)
|
|
|
—
|
|
|
(265)
|
|
Net income (loss)
available to common stockholders
|
|
$
|
(1,052)
|
|
|
$
|
1,844
|
|
|
$
|
792
|
|
|
$
|
2,747
|
|
|
$
|
242
|
|
|
$
|
2,989
|
|
|
$
|
1,704
|
|
|
$
|
2,076
|
|
|
$
|
3,780
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
EPS(12)
|
|
$
|
(2.17)
|
|
|
$
|
3.79
|
|
|
$
|
1.62
|
|
|
$
|
5.63
|
|
|
$
|
0.49
|
|
|
$
|
6.12
|
|
|
$
|
3.49
|
|
|
$
|
4.25
|
|
|
$
|
7.74
|
|
Efficiency
ratio
|
|
53.89
|
%
|
|
(139)
|
bps
|
|
52.50
|
%
|
|
51.50
|
%
|
|
(100)
|
bps
|
|
50.50
|
%
|
|
52.11
|
%
|
|
(109)
|
bps
|
|
51.02
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Year
Ended
|
|
|
December 31,
2016
|
|
September 30,
2016
|
|
December 31,
2016
|
(Dollars in
millions, except per share data and as noted)
|
|
Reported
Results
|
|
Adj.(11)
|
|
Adjusted
Results
|
|
Reported
Results
|
|
Adj.(11)
|
|
Adjusted
Results
|
|
Reported
Results
|
|
Adj.(11)
|
|
Adjusted
Results
|
Selected income
statement data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
|
5,447
|
|
|
$
|
13
|
|
|
$
|
5,460
|
|
|
$
|
15,426
|
|
|
$
|
41
|
|
|
$
|
15,467
|
|
|
$
|
20,873
|
|
|
$
|
54
|
|
|
$
|
20,927
|
|
Non-interest
income
|
|
1,119
|
|
|
14
|
|
|
1,133
|
|
|
3,509
|
|
|
21
|
|
|
3,530
|
|
|
4,628
|
|
|
35
|
|
|
4,663
|
|
Total net
revenue
|
|
6,566
|
|
|
27
|
|
|
6,593
|
|
|
18,935
|
|
|
62
|
|
|
18,997
|
|
|
25,501
|
|
|
89
|
|
|
25,590
|
|
Provision for credit
losses
|
|
1,752
|
|
|
—
|
|
|
1,752
|
|
|
4,707
|
|
|
—
|
|
|
4,707
|
|
|
6,459
|
|
|
—
|
|
|
6,459
|
|
Non-interest
expense
|
|
3,679
|
|
|
(45)
|
|
|
3,634
|
|
|
9,879
|
|
|
(31)
|
|
|
9,848
|
|
|
13,558
|
|
|
(76)
|
|
|
13,482
|
|
Income from
continuing operations before income taxes
|
|
1,135
|
|
|
72
|
|
|
1,207
|
|
|
4,349
|
|
|
93
|
|
|
4,442
|
|
|
5,484
|
|
|
165
|
|
|
5,649
|
|
Income tax provision
(benefit)
|
|
342
|
|
|
10
|
|
|
352
|
|
|
1,372
|
|
|
(7)
|
|
|
1,365
|
|
|
1,714
|
|
|
3
|
|
|
1,717
|
|
Income from
continuing operations, net of tax
|
|
793
|
|
|
62
|
|
|
855
|
|
|
2,977
|
|
|
100
|
|
|
3,077
|
|
|
3,770
|
|
|
162
|
|
|
3,932
|
|
Income (loss) from
discontinued operations, net of tax
|
|
(2)
|
|
|
—
|
|
|
(2)
|
|
|
(17)
|
|
|
—
|
|
|
(17)
|
|
|
(19)
|
|
|
—
|
|
|
(19)
|
|
Net income
|
|
791
|
|
|
62
|
|
|
853
|
|
|
2,960
|
|
|
100
|
|
|
3,060
|
|
|
3,751
|
|
|
162
|
|
|
3,913
|
|
Dividends and
undistributed earnings allocated to participating
securities(12)
|
|
(6)
|
|
|
—
|
|
|
(6)
|
|
|
(18)
|
|
|
—
|
|
|
(18)
|
|
|
(24)
|
|
|
—
|
|
|
(24)
|
|
Preferred stock
dividends
|
|
(75)
|
|
|
—
|
|
|
(75)
|
|
|
(139)
|
|
|
—
|
|
|
(139)
|
|
|
(214)
|
|
|
—
|
|
|
(214)
|
|
Net income available
to common stockholders
|
|
$
|
710
|
|
|
$
|
62
|
|
|
$
|
772
|
|
|
$
|
2,803
|
|
|
$
|
100
|
|
|
$
|
2,903
|
|
|
$
|
3,513
|
|
|
$
|
162
|
|
|
$
|
3,675
|
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
EPS(12)
|
|
$
|
1.45
|
|
|
$
|
0.13
|
|
|
$
|
1.58
|
|
|
$
|
5.42
|
|
|
$
|
0.20
|
|
|
$
|
5.62
|
|
|
$
|
6.89
|
|
|
$
|
0.32
|
|
|
$
|
7.21
|
|
Efficiency
ratio
|
|
56.03
|
%
|
|
(91)
|
bps
|
|
55.12
|
%
|
|
52.17
|
%
|
|
(33)
|
bps
|
|
51.84
|
%
|
|
53.17
|
%
|
|
(49)
|
bps
|
|
52.68
|
%
|
|
Reconciliation of
Non-GAAP Measures
|
|
The following
non-GAAP measures consist of tangible common equity ("TCE"),
tangible assets and metrics computed using these amounts, which
include tangible book value per common share, return on average
tangible assets, return on average TCE and TCE ratio. We consider
these metrics to be key financial performance measures that
management uses in assessing capital adequacy and the level of
returns generated. While our non-GAAP measures are widely used by
investors, analysts and bank regulatory agencies to assess the
capital position of financial services companies, they may not be
comparable to similarly-titled measures reported by other
companies. The following tables present reconciliations of these
non-GAAP measures to the applicable amounts measured in accordance
with GAAP.
|
|
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
(Dollars in
millions)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
Tangible Common
Equity (Period-End)
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
$
|
48,730
|
|
|
$
|
50,154
|
|
|
$
|
49,137
|
|
|
$
|
48,040
|
|
|
$
|
47,514
|
|
Goodwill and
intangible assets(13)
|
|
(15,106)
|
|
|
(15,249)
|
|
|
(15,301)
|
|
|
(15,360)
|
|
|
(15,420)
|
|
Noncumulative
perpetual preferred stock
|
|
(4,360)
|
|
|
(4,360)
|
|
|
(4,360)
|
|
|
(4,360)
|
|
|
(4,360)
|
|
Tangible common
equity
|
|
$
|
29,264
|
|
|
$
|
30,545
|
|
|
$
|
29,476
|
|
|
$
|
28,320
|
|
|
$
|
27,734
|
|
Tangible Common
Equity (Average)
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
$
|
50,710
|
|
|
$
|
50,176
|
|
|
$
|
49,005
|
|
|
$
|
48,193
|
|
|
$
|
47,972
|
|
Goodwill and
intangible assets(13)
|
|
(15,223)
|
|
|
(15,277)
|
|
|
(15,336)
|
|
|
(15,395)
|
|
|
(15,455)
|
|
Noncumulative
perpetual preferred stock
|
|
(4,360)
|
|
|
(4,360)
|
|
|
(4,360)
|
|
|
(4,360)
|
|
|
(4,051)
|
|
Tangible common
equity
|
|
$
|
31,127
|
|
|
$
|
30,539
|
|
|
$
|
29,309
|
|
|
$
|
28,438
|
|
|
$
|
28,466
|
|
Tangible Assets
(Period-End)
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
365,693
|
|
|
$
|
361,402
|
|
|
$
|
350,593
|
|
|
$
|
348,549
|
|
|
$
|
357,033
|
|
Goodwill and
intangible assets(13)
|
|
(15,106)
|
|
|
(15,249)
|
|
|
(15,301)
|
|
|
(15,360)
|
|
|
(15,420)
|
|
Tangible
assets
|
|
$
|
350,587
|
|
|
$
|
346,153
|
|
|
$
|
335,292
|
|
|
$
|
333,189
|
|
|
$
|
341,613
|
|
Tangible Assets
(Average)
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
363,045
|
|
|
$
|
355,191
|
|
|
$
|
349,891
|
|
|
$
|
351,641
|
|
|
$
|
350,225
|
|
Goodwill and
intangible assets(13)
|
|
(15,223)
|
|
|
(15,277)
|
|
|
(15,336)
|
|
|
(15,395)
|
|
|
(15,455)
|
|
Tangible
assets
|
|
$
|
347,822
|
|
|
$
|
339,914
|
|
|
$
|
334,555
|
|
|
$
|
336,246
|
|
|
$
|
334,770
|
|
|
__________
|
(1)
|
Regulatory capital
metrics and capital ratios as of December 31, 2017 are preliminary
and therefore subject to change.
|
(2)
|
Amounts presented are
net of tax.
|
(3)
|
Amounts based on
transition provisions for regulatory capital deductions and
adjustments of 60% for 2016 and 80% for 2017.
|
(4)
|
Total capital equals
the sum of Tier 1 capital and Tier 2 capital.
|
(5)
|
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.
|
(6)
|
Common equity Tier 1
capital ratio is a regulatory capital measure calculated based on
common equity Tier 1 capital divided by risk-weighted
assets.
|
(7)
|
Tier 1 capital ratio
is a regulatory capital measure calculated based on Tier 1 capital
divided by risk-weighted assets.
|
(8)
|
Total capital ratio
is a regulatory capital measure calculated based on total capital
divided by risk-weighted assets.
|
(9)
|
TCE ratio is a
non-GAAP measure calculated based on TCE divided by tangible
assets.
|
(10)
|
The adjustments in
2017 consist of:
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Year
Ended
|
(Dollars in
millions)
|
|
December 31,
2017
|
|
September 30,
2017
|
|
December 31,
2017
|
Impacts of the Tax
Act
|
|
$
|
1,769
|
|
|
—
|
|
$
|
1,769
|
|
Restructuring
charges
|
|
76
|
|
|
$
|
108
|
|
|
184
|
|
U.K. Payment
Protection Insurance customer refund reserve ("U.K. PPI
Reserve")
|
|
31
|
|
|
99
|
|
|
130
|
|
Charges related to
the Cabela's acquisition
|
|
—
|
|
|
117
|
|
|
117
|
|
Total
|
|
1,876
|
|
|
324
|
|
|
2,200
|
|
Income tax provision
(benefit)
|
|
27
|
|
|
82
|
|
|
109
|
|
Net income
(loss)
|
|
$
|
1,849
|
|
|
$
|
242
|
|
|
$
|
2,091
|
|
|
|
|
|
|
|
|
(11) The adjustments in
2016 consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
Year
Ended
|
(Dollars in
millions)
|
|
December 31,
2016
|
|
September 30,
2016
|
|
December 31,
2016
|
U.K. PPI
Reserve
|
|
$
|
44
|
|
|
$
|
117
|
|
|
$
|
161
|
|
Impairment associated
with certain acquired intangible and software assets
|
|
28
|
|
|
—
|
|
|
28
|
|
Gain related to the
exchange of our ownership interest in Visa Europe with Visa Inc. as
a result of Visa Inc's acquisition of Visa Europe
|
|
—
|
|
|
(24)
|
|
|
(24)
|
|
Total
|
|
72
|
|
|
93
|
|
|
165
|
|
Income tax provision
(benefit)
|
|
10
|
|
|
(7)
|
|
|
3
|
|
Net income
(loss)
|
|
$
|
62
|
|
|
$
|
100
|
|
|
$
|
162
|
|
|
(12) 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.
|
(13) Includes impact of
related deferred taxes.
|
View original content with
multimedia:http://www.prnewswire.com/news-releases/capital-one-reports-fourth-quarter-2017-net-loss-of-971-million-or-217-per-share-300587017.html
SOURCE Capital One Financial Corporation