MCLEAN, Va., Jan. 25, 2022 /PRNewswire/ -- Capital One
Financial Corporation (NYSE: COF) today announced net income for
the fourth quarter of 2021 of $2.4
billion, or $5.41 per diluted
common share, compared with net income of $3.1 billion, or $6.78 per diluted common share in the third
quarter of 2021, and with net income of $2.6 billion, or $5.35 per diluted common share in the fourth
quarter of 2020.
"In the fourth quarter, we posted strong growth with strikingly
strong credit results, and we continued to return capital to our
shareholders," said Richard D.
Fairbank, Founder, Chairman and Chief Executive Officer. "As
we enter 2022, we continue to see attractive opportunities to grow
and build our franchise."
The quarter included the following notable item:
(Dollars in
millions, except per share data)
|
Pre-Tax
Impact
|
Diluted
EPS
Impact
|
|
|
Legacy rewards
program upgrade
|
$
(92)
|
$
(0.16)
|
|
All comparisons below are for the fourth quarter of 2021
compared with the third quarter of 2021 unless otherwise noted.
Fourth Quarter 2021 Income Statement Summary:
- Total net revenue increased 4 percent to $8.1 billion.
- Total non-interest expense increased 12 percent to $4.7 billion:
-
- 33 percent increase in marketing.
- 7 percent increase in operating expenses.
- Pre-provision earnings decreased 6 percent to $3.4 billion.(1)
- Provision for credit losses increased $723 million to $381
million:
-
- Net charge-offs of $527
million.
- $145 million loan reserve
release.
- Net interest margin of 6.60 percent, an increase of 25 basis
points.
- Efficiency ratio of 57.63 percent.
- Operating efficiency ratio of 45.32 percent.
Fourth Quarter 2021 Balance Sheet Summary:
- Common equity Tier 1 capital ratio under Basel III Standardized
Approach of 13.1 percent at December 31,
2021.
- Period-end loans held for investment in the quarter increased
$16.0 billion, or 6 percent, to
$277.3 billion.
-
- Credit Card period-end loans increased $9.7 billion, or 9 percent, to $114.8 billion.
-
- Domestic Card period-end loans increased $9.5 billion, or 10 percent, to $108.7 billion.
- Consumer Banking period-end loans increased $534 million, or 1 percent, to $77.6 billion.
-
- Auto period-end loans increased $1.1
billion, or 1 percent, to $75.8
billion.
- Commercial Banking period-end loans increased $5.7 billion, or 7 percent, to $84.9 billion.
- Average loans held for investment in the quarter increased
$14.1 billion, or 6 percent, to
$267.2 billion.
-
- Credit Card average loans increased $6.5
billion, or 6 percent, to $108.6
billion.
-
- Domestic Card average loans increased $6.4 billion, or 7 percent, to $102.7 billion.
- Consumer Banking average loans increased $1.4 billion, or 2 percent, to $77.4 billion.
-
- Auto average loans increased $2.0
billion, or 3 percent, to $75.3
billion.
- Commercial Banking average loans increased $6.1 billion, or 8 percent, to $81.1 billion.
- Period-end total deposits increased $5.0
billion, or 2 percent, to $311.0
billion, while average deposits increased $2.2 billion, or 1 percent, to $307.3 billion.
- Interest-bearing deposits rate paid decreased 1 basis point to
0.33 percent.
2021 Full Year Income Statement Summary:
- Total net revenue increased 7% to $30.4
billion.
- Total non-interest expense increased 10 percent to $16.6 billion:
-
- 78 percent increase in marketing.
- 2 percent increase in operating expenses.
- Pre-provision earnings increased 3 percent to $13.9 billion(1).
- Provision for credit losses decreased 119 percent to
$1.9 billion:
- Net interest margin of 6.21 percent, an increase of 15 basis
points.
- Efficiency ratio of 54.44 percent.
-
- Efficiency ratio excluding adjusting items of 54.12
percent(2).
- Operating efficiency ratio of 45.01 percent.
-
- Operating efficiency ratio excluding adjusting items of 44.68
percent(2).
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on
January 25, 2022 at 5:00 PM Eastern Time. The conference call will be
accessible through live webcast. Interested investors and other
individuals can access the webcast via the company's home page
(www.capitalone.com). Under "About," choose "Investors" to access
the Investor Center and view and/or download the earnings press
release, the financial supplement, including a reconciliation of
non-GAAP financial measures, and the earnings release presentation.
The replay of the webcast will be archived on the company's website
through February 8, 2022 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, 2020.
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 $311.0
billion in deposits and $432.4
billion in total assets as of December 31, 2021. 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)
|
Pre-provision
earnings is calculated based on the sum of net interest income and
non-interest income, less non-interest expense for the period.
Management believes that this financial metric is useful in
enabling investors and others to assess the Company's ability to
generate income to cover credit losses through a credit cycle,
which can vary significantly between periods.
|
(2)
|
Amounts excluding
adjusting items are non-GAAP measures that we believe help
investors and users of our financial information understand the
effect of adjusting items on our selected reported results and
provide alternate measurements of our performance, both in the
current period and across periods. See Table 15 in Exhibit 99.2 for
a reconciliation of our selected reported results to these non-GAAP
measures.
|
Exhibit
99.2
|
|
Capital One
Financial Corporation
|
Financial
Supplement(1)(2)
|
Fourth
Quarter 2021
|
Table of
Contents
|
|
Capital One
Financial Corporation Consolidated Results
|
Page
|
|
Table
1:
|
Financial
Summary—Consolidated
|
1
|
|
Table
2:
|
Selected
Metrics—Consolidated
|
3
|
|
Table
3:
|
Consolidated
Statements of Income
|
4
|
|
Table
4:
|
Consolidated
Balance Sheets
|
6
|
|
Table
5:
|
Notes to Financial
Summary, Selected Metrics and Consolidated Financial Statements
(Tables 1—4)
|
8
|
|
Table
6:
|
Average Balances,
Net Interest Income and Net Interest Margin
|
9
|
|
Table
7:
|
Loan Information
and Performance Statistics
|
10
|
|
Table
8:
|
Allowance for
Credit Losses and Reserve for Unfunded Lending Commitments
Activity
|
12
|
Business Segment
Results
|
|
|
Table
9:
|
Financial
Summary—Business Segment Results
|
13
|
|
Table
10:
|
Financial &
Statistical Summary—Credit Card Business
|
14
|
|
Table
11:
|
Financial &
Statistical Summary—Consumer Banking Business
|
16
|
|
Table
12:
|
Financial &
Statistical Summary—Commercial Banking Business
|
17
|
|
Table
13:
|
Financial &
Statistical Summary—Other and Total
|
18
|
Other
|
|
|
Table
14:
|
Notes to Net
Interest Margin, Loan, Allowance and Business Segment Disclosures
(Tables 6—13)
|
19
|
|
Table
15:
|
Calculation of
Regulatory Capital Measures and Reconciliation of Non-GAAP
Measures
|
20
|
__________
|
(1)
|
The information
contained in this Financial Supplement is preliminary and based on
data available at the time of the earnings presentation. Investors
should refer to our Annual Report on Form 10-K for the period ended
December 31, 2021 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Q4
vs
|
|
Year Ended
December 31,
|
(Dollars in
millions, except per share data and as noted)
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
2021
vs
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2021
|
|
2020
|
|
2020
|
Income
Statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
6,450
|
|
$
6,156
|
|
$
5,743
|
|
$
5,822
|
|
$
5,873
|
|
5%
|
|
10%
|
|
$
24,171
|
|
$
22,913
|
|
5%
|
Non-interest
income
|
|
1,668
|
|
1,674
|
|
1,631
|
|
1,291
|
|
1,464
|
|
—
|
|
14
|
|
6,264
|
|
5,610
|
|
12
|
Total net
revenue(1)
|
|
8,118
|
|
7,830
|
|
7,374
|
|
7,113
|
|
7,337
|
|
4
|
|
11
|
|
30,435
|
|
28,523
|
|
7
|
Provision (benefit)
for credit losses
|
|
381
|
|
(342)
|
|
(1,160)
|
|
(823)
|
|
264
|
|
**
|
|
44
|
|
(1,944)
|
|
10,264
|
|
**
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing
|
|
999
|
|
751
|
|
620
|
|
501
|
|
563
|
|
33
|
|
77
|
|
2,871
|
|
1,610
|
|
78
|
Operating
expense
|
|
3,679
|
|
3,435
|
|
3,346
|
|
3,239
|
|
3,446
|
|
7
|
|
7
|
|
13,699
|
|
13,446
|
|
2
|
Total non-interest
expense
|
|
4,678
|
|
4,186
|
|
3,966
|
|
3,740
|
|
4,009
|
|
12
|
|
17
|
|
16,570
|
|
15,056
|
|
10
|
Income from
continuing operations before income taxes
|
|
3,059
|
|
3,986
|
|
4,568
|
|
4,196
|
|
3,064
|
|
(23)
|
|
—
|
|
15,809
|
|
3,203
|
|
**
|
Income tax
provision
|
|
633
|
|
882
|
|
1,031
|
|
869
|
|
496
|
|
(28)
|
|
28
|
|
3,415
|
|
486
|
|
**
|
Income from
continuing operations, net of tax
|
|
2,426
|
|
3,104
|
|
3,537
|
|
3,327
|
|
2,568
|
|
(22)
|
|
(6)
|
|
12,394
|
|
2,717
|
|
**
|
Income from
discontinued operations, net of tax
|
|
(1)
|
|
—
|
|
(1)
|
|
(2)
|
|
(2)
|
|
**
|
|
(50)
|
|
(4)
|
|
(3)
|
|
33
|
Net income
|
|
2,425
|
|
3,104
|
|
3,536
|
|
3,325
|
|
2,566
|
|
(22)
|
|
(5)
|
|
12,390
|
|
2,714
|
|
**
|
Dividends and
undistributed earnings allocated to participating
securities(2)
|
|
(21)
|
|
(26)
|
|
(30)
|
|
(28)
|
|
(19)
|
|
(19)
|
|
11
|
|
(105)
|
|
(20)
|
|
**
|
Preferred stock
dividends
|
|
(74)
|
|
(79)
|
|
(60)
|
|
(61)
|
|
(68)
|
|
(6)
|
|
9
|
|
(274)
|
|
(280)
|
|
(2)
|
Issuance cost for
redeemed preferred stock(3)
|
|
(34)
|
|
(12)
|
|
—
|
|
—
|
|
(17)
|
|
183
|
|
100
|
|
(46)
|
|
(39)
|
|
18
|
Net income available
to common stockholders
|
|
$
2,296
|
|
$
2,987
|
|
$
3,446
|
|
$
3,236
|
|
$
2,462
|
|
(23)
|
|
(7)
|
|
$
11,965
|
|
$
2,375
|
|
**
|
Common Share
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share:(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
5.43
|
|
$
6.81
|
|
$
7.65
|
|
$
7.06
|
|
$
5.36
|
|
(20)%
|
|
1%
|
|
$
27.05
|
|
$
5.20
|
|
**
|
Income (loss) from
discontinued operations
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(0.01)
|
|
(0.01)
|
|
—
|
Net income per basic
common share
|
|
$
5.43
|
|
$
6.81
|
|
$
7.65
|
|
$
7.06
|
|
$
5.36
|
|
(20)
|
|
1
|
|
$
27.04
|
|
$
5.19
|
|
**
|
Diluted earnings
per common share:(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
5.41
|
|
$
6.78
|
|
$
7.62
|
|
$
7.03
|
|
$
5.35
|
|
(20)%
|
|
1%
|
|
$
26.95
|
|
$
5.19
|
|
**
|
Income (loss) from
discontinued operations
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(0.01)
|
|
(0.01)
|
|
—
|
Net income per diluted
common share
|
|
$
5.41
|
|
$
6.78
|
|
$
7.62
|
|
$
7.03
|
|
$
5.35
|
|
(20)
|
|
1
|
|
$
26.94
|
|
$
5.18
|
|
**
|
Weighted-average
common shares outstanding (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
422.5
|
|
438.8
|
|
450.6
|
|
458.6
|
|
459.1
|
|
(4)%
|
|
(8)%
|
|
442.5
|
|
457.8
|
|
(3)%
|
Diluted
|
|
424.3
|
|
440.5
|
|
452.3
|
|
460.1
|
|
460.2
|
|
(4)
|
|
(8)
|
|
444.2
|
|
458.9
|
|
(3)
|
Common shares
outstanding (period-end, in millions)
|
|
413.9
|
|
430.4
|
|
446.1
|
|
456.8
|
|
459.0
|
|
(4)
|
|
(10)
|
|
413.9
|
|
459.0
|
|
(10)
|
Dividends declared
and paid per common share
|
|
$
0.60
|
|
$
1.20
|
|
$
0.40
|
|
$
0.40
|
|
$
0.10
|
|
(50)
|
|
**
|
|
$
2.60
|
|
$
1.00
|
|
160
|
Tangible book value
per common share (period-end)(4)
|
|
99.74
|
|
99.60
|
|
97.20
|
|
90.96
|
|
88.34
|
|
—
|
|
13
|
|
99.74
|
|
88.34
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Q4
vs
|
|
Year Ended
December 31,
|
(Dollars in
millions)
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
2021
vs
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2021
|
|
2020
|
|
2020
|
Balance Sheet
(Period-End)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
investment
|
|
$
277,340
|
|
$
261,390
|
|
$
249,597
|
|
$
243,131
|
|
$
251,624
|
|
6%
|
|
10%
|
|
$
277,340
|
|
$
251,624
|
|
10%
|
Interest-earning
assets
|
|
397,341
|
|
387,208
|
|
387,295
|
|
392,485
|
|
388,917
|
|
3
|
|
2
|
|
397,341
|
|
388,917
|
|
2
|
Total
assets
|
|
432,381
|
|
425,377
|
|
423,420
|
|
425,175
|
|
421,602
|
|
2
|
|
3
|
|
432,381
|
|
421,602
|
|
3
|
Interest-bearing
deposits
|
|
272,937
|
|
269,134
|
|
271,314
|
|
276,325
|
|
274,300
|
|
1
|
|
—
|
|
272,937
|
|
274,300
|
|
—
|
Total
deposits
|
|
310,980
|
|
305,938
|
|
306,308
|
|
310,328
|
|
305,442
|
|
2
|
|
2
|
|
310,980
|
|
305,442
|
|
2
|
Borrowings
|
|
43,086
|
|
37,501
|
|
36,343
|
|
38,450
|
|
40,539
|
|
15
|
|
6
|
|
43,086
|
|
40,539
|
|
6
|
Common
equity
|
|
56,184
|
|
57,632
|
|
58,136
|
|
56,341
|
|
55,356
|
|
(3)
|
|
1
|
|
56,184
|
|
55,356
|
|
1
|
Total stockholders'
equity
|
|
61,029
|
|
63,544
|
|
64,624
|
|
61,188
|
|
60,204
|
|
(4)
|
|
1
|
|
61,029
|
|
60,204
|
|
1
|
Balance Sheet
(Average Balances)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
investment
|
|
$
267,159
|
|
$
253,101
|
|
$
246,463
|
|
$
243,937
|
|
$
247,689
|
|
6%
|
|
8%
|
|
$
252,730
|
|
$
253,335
|
|
—
|
Interest-earning
assets
|
|
390,868
|
|
387,766
|
|
390,129
|
|
388,572
|
|
388,252
|
|
1
|
|
1
|
|
389,336
|
|
378,362
|
|
3%
|
Total
assets
|
|
427,845
|
|
424,506
|
|
424,099
|
|
421,808
|
|
420,011
|
|
1
|
|
2
|
|
424,521
|
|
411,187
|
|
3
|
Interest-bearing
deposits
|
|
269,951
|
|
269,278
|
|
273,476
|
|
273,358
|
|
274,142
|
|
—
|
|
(2)
|
|
271,500
|
|
263,279
|
|
3
|
Total
deposits
|
|
307,272
|
|
305,035
|
|
308,217
|
|
305,056
|
|
304,513
|
|
1
|
|
1
|
|
306,397
|
|
290,835
|
|
5
|
Borrowings
|
|
39,943
|
|
37,464
|
|
37,054
|
|
39,911
|
|
40,662
|
|
7
|
|
(2)
|
|
38,590
|
|
46,588
|
|
(17)
|
Common
equity
|
|
56,946
|
|
58,230
|
|
56,885
|
|
55,775
|
|
54,220
|
|
(2)
|
|
5
|
|
56,966
|
|
52,954
|
|
8
|
Total stockholders'
equity
|
|
62,498
|
|
64,682
|
|
62,376
|
|
60,623
|
|
59,389
|
|
(3)
|
|
5
|
|
62,556
|
|
58,201
|
|
7
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 2: Selected
Metrics—Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021
Q4 vs
|
|
Year Ended
December 31,
|
(Dollars in
millions, except as noted)
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
2021
vs
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2021
|
|
2020
|
|
2020
|
Performance
Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
growth (period over period)
|
|
5%
|
|
7%
|
|
(1)%
|
|
(1)%
|
|
6%
|
|
**
|
|
**
|
|
5%
|
|
(2)%
|
|
**
|
Non-interest income
growth (period over period)
|
|
—
|
|
3
|
|
26
|
|
(12)
|
|
(20)
|
|
**
|
|
**
|
|
12
|
|
7
|
|
**
|
Total net revenue
growth (period over period)
|
|
4
|
|
6
|
|
4
|
|
(3)
|
|
(1)
|
|
**
|
|
**
|
|
7
|
|
—
|
|
**
|
Total net revenue
margin(5)
|
|
8.31
|
|
8.08
|
|
7.56
|
|
7.32
|
|
7.56
|
|
23
bps
|
|
75
bps
|
|
7.82
|
|
7.54
|
|
28
bps
|
Net interest
margin(6)
|
|
6.60
|
|
6.35
|
|
5.89
|
|
5.99
|
|
6.05
|
|
25
|
|
55
|
|
6.21
|
|
6.06
|
|
15
|
Return on average
assets
|
|
2.27
|
|
2.92
|
|
3.34
|
|
3.16
|
|
2.45
|
|
(65)
|
|
(18)
|
|
2.92
|
|
0.66
|
|
226
|
Return on average
tangible assets(7)
|
|
2.35
|
|
3.03
|
|
3.46
|
|
3.27
|
|
2.54
|
|
(68)
|
|
(19)
|
|
3.03
|
|
0.69
|
|
234
|
Return on average
common equity(8)
|
|
16.13
|
|
20.52
|
|
24.24
|
|
23.22
|
|
18.18
|
|
(4)%
|
|
(205)
|
|
21.01
|
|
4.49
|
|
17%
|
Return on average
tangible common equity(9)
|
|
21.82
|
|
27.50
|
|
32.75
|
|
31.61
|
|
25.02
|
|
(6)
|
|
(320)
|
|
28.39
|
|
6.24
|
|
22
|
Non-interest expense
as a percentage
of average loans held
for investment
|
|
7.00
|
|
6.62
|
|
6.44
|
|
6.13
|
|
6.47
|
|
38
bps
|
|
53
|
|
6.56
|
|
5.94
|
|
62
bps
|
Efficiency
ratio(10)
|
|
57.63
|
|
53.46
|
|
53.78
|
|
52.58
|
|
54.64
|
|
4%
|
|
299
|
|
54.44
|
|
52.79
|
|
165
|
Operating efficiency
ratio(11)
|
|
45.32
|
|
43.87
|
|
45.38
|
|
45.54
|
|
46.97
|
|
145 bps
|
|
(165)
|
|
45.01
|
|
47.14
|
|
(213)
|
Effective income tax
rate for continuing
operations
|
|
20.7
|
|
22.1
|
|
22.6
|
|
20.7
|
|
16.2
|
|
(140)
|
|
5%
|
|
21.6
|
|
15.2
|
|
6%
|
Employees
(period-end, in thousands)
|
|
50.8
|
|
50.8
|
|
52.0
|
|
51.7
|
|
52.0
|
|
—
|
|
(2)
|
|
50.8
|
|
52.0
|
|
(2)
|
Credit Quality
Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses
|
|
$
11,430
|
|
$
11,573
|
|
$
12,346
|
|
$
14,017
|
|
$
15,564
|
|
(1)%
|
|
(27)%
|
|
$
11,430
|
|
$
15,564
|
|
(27)%
|
Allowance coverage
ratio
|
|
4.12%
|
|
4.43%
|
|
4.95%
|
|
5.77%
|
|
6.19%
|
|
(31) bps
|
|
(207) bps
|
|
4.12%
|
|
6.19%
|
|
(207) bps
|
Net
charge-offs
|
|
$
527
|
|
$
426
|
|
$
541
|
|
$
740
|
|
$
856
|
|
24%
|
|
(38)%
|
|
$
2,234
|
|
$
5,225
|
|
(57)%
|
Net charge-off
rate(12)
|
|
0.79%
|
|
0.67%
|
|
0.88%
|
|
1.21%
|
|
1.38%
|
|
12
bps
|
|
(59) bps
|
|
0.88%
|
|
2.06%
|
|
(118) bps
|
30+ day performing
delinquency rate
|
|
2.25
|
|
1.97
|
|
1.75
|
|
1.82
|
|
2.41
|
|
28
|
|
(16)
|
|
2.25
|
|
2.41
|
|
(16)
|
30+ day delinquency
rate
|
|
2.41
|
|
2.13
|
|
1.89
|
|
1.98
|
|
2.61
|
|
28
|
|
(20)
|
|
2.41
|
|
2.61
|
|
(20)
|
Capital
Ratios(13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1
capital
|
|
13.1%
|
|
13.8%
|
|
14.5%
|
|
14.6%
|
|
13.7%
|
|
(70) bps
|
|
(60) bps
|
|
13.1%
|
|
13.7%
|
|
(60) bps
|
Tier 1
capital
|
|
14.5
|
|
15.7
|
|
16.6
|
|
16.2
|
|
15.3
|
|
(120)
|
|
(80)
|
|
14.5
|
|
15.3
|
|
(80)
|
Total
capital
|
|
16.9
|
|
18.2
|
|
18.8
|
|
18.6
|
|
17.7
|
|
(130)
|
|
(80)
|
|
16.9
|
|
17.7
|
|
(80)
|
Tier 1
leverage
|
|
11.6
|
|
12.2
|
|
12.4
|
|
11.7
|
|
11.2
|
|
(60)
|
|
40
|
|
11.6
|
|
11.2
|
|
40
|
Tangible common
equity ("TCE")(14)
|
|
9.9
|
|
10.4
|
|
10.6
|
|
10.1
|
|
10.0
|
|
(50)
|
|
(10)
|
|
9.9
|
|
10.0
|
|
(10)
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 3:
Consolidated Statements of Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Q4
vs
|
|
Year Ended
December 31,
|
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
2021
vs
|
(Dollars in
millions, except per share data and as noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2021
|
|
2020
|
|
2020
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including loans
held for sale
|
|
$
6,451
|
|
$
6,205
|
|
$
5,753
|
|
$
5,854
|
|
$
5,954
|
|
4%
|
|
8%
|
|
$
24,263
|
|
$
24,074
|
|
1%
|
Investment
securities
|
|
368
|
|
317
|
|
370
|
|
391
|
|
422
|
|
16
|
|
(13)
|
|
1,446
|
|
1,877
|
|
(23)
|
Other
|
|
12
|
|
16
|
|
16
|
|
16
|
|
15
|
|
(25)
|
|
(20)
|
|
60
|
|
82
|
|
(27)
|
Total interest
income
|
|
6,831
|
|
6,538
|
|
6,139
|
|
6,261
|
|
6,391
|
|
4
|
|
7
|
|
25,769
|
|
26,033
|
|
(1)
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
222
|
|
228
|
|
237
|
|
269
|
|
347
|
|
(3)
|
|
(36)
|
|
956
|
|
2,165
|
|
(56)
|
Securitized debt
obligations
|
|
30
|
|
29
|
|
28
|
|
32
|
|
34
|
|
3
|
|
(12)
|
|
119
|
|
232
|
|
(49)
|
Senior and subordinated
notes
|
|
121
|
|
116
|
|
122
|
|
129
|
|
128
|
|
4
|
|
(5)
|
|
488
|
|
679
|
|
(28)
|
Other
borrowings
|
|
8
|
|
9
|
|
9
|
|
9
|
|
9
|
|
(11)
|
|
(11)
|
|
35
|
|
44
|
|
(20)
|
Total interest
expense
|
|
381
|
|
382
|
|
396
|
|
439
|
|
518
|
|
—
|
|
(26)
|
|
1,598
|
|
3,120
|
|
(49)
|
Net interest
income
|
|
6,450
|
|
6,156
|
|
5,743
|
|
5,822
|
|
5,873
|
|
5
|
|
10
|
|
24,171
|
|
22,913
|
|
5
|
Provision (benefit) for
credit losses
|
|
381
|
|
(342)
|
|
(1,160)
|
|
(823)
|
|
264
|
|
**
|
|
44
|
|
(1,944)
|
|
10,264
|
|
**
|
Net interest income
after provision for credit losses
|
|
6,069
|
|
6,498
|
|
6,903
|
|
6,645
|
|
5,609
|
|
(7)
|
|
8
|
|
26,115
|
|
12,649
|
|
106
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interchange fees,
net
|
|
1,005
|
|
1,022
|
|
1,016
|
|
817
|
|
818
|
|
(2)
|
|
23
|
|
3,860
|
|
3,017
|
|
28
|
Service charges and
other customer-related fees
|
|
435
|
|
407
|
|
384
|
|
352
|
|
338
|
|
7
|
|
29
|
|
1,578
|
|
1,243
|
|
27
|
Net securities
gains
|
|
(4)
|
|
2
|
|
—
|
|
4
|
|
—
|
|
**
|
|
**
|
|
2
|
|
25
|
|
(92)
|
Other
|
|
232
|
|
243
|
|
231
|
|
118
|
|
308
|
|
(5)
|
|
(25)
|
|
824
|
|
1,325
|
|
(38)
|
Total non-interest
income
|
|
1,668
|
|
1,674
|
|
1,631
|
|
1,291
|
|
1,464
|
|
—
|
|
14
|
|
6,264
|
|
5,610
|
|
12
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and associate
benefits
|
|
1,941
|
|
1,852
|
|
1,781
|
|
1,847
|
|
1,755
|
|
5
|
|
11
|
|
7,421
|
|
6,805
|
|
9
|
Occupancy and
equipment
|
|
527
|
|
481
|
|
523
|
|
472
|
|
572
|
|
10
|
|
(8)
|
|
2,003
|
|
2,118
|
|
(5)
|
Marketing
|
|
999
|
|
751
|
|
620
|
|
501
|
|
563
|
|
33
|
|
77
|
|
2,871
|
|
1,610
|
|
78
|
Professional
services
|
|
449
|
|
358
|
|
341
|
|
292
|
|
394
|
|
25
|
|
14
|
|
1,440
|
|
1,312
|
|
10
|
Communications and data
processing
|
|
326
|
|
319
|
|
315
|
|
302
|
|
295
|
|
2
|
|
11
|
|
1,262
|
|
1,215
|
|
4
|
Amortization of
intangibles
|
|
13
|
|
5
|
|
5
|
|
6
|
|
8
|
|
160
|
|
63
|
|
29
|
|
60
|
|
(52)
|
Other
|
|
423
|
|
420
|
|
381
|
|
320
|
|
422
|
|
1
|
|
—
|
|
1,544
|
|
1,936
|
|
(20)
|
Total non-interest
expense
|
|
4,678
|
|
4,186
|
|
3,966
|
|
3,740
|
|
4,009
|
|
12
|
|
17
|
|
16,570
|
|
15,056
|
|
10
|
Income from
continuing operations before income taxes
|
|
3,059
|
|
3,986
|
|
4,568
|
|
4,196
|
|
3,064
|
|
(23)
|
|
—
|
|
15,809
|
|
3,203
|
|
**
|
Income tax
provision
|
|
633
|
|
882
|
|
1,031
|
|
869
|
|
496
|
|
(28)
|
|
28
|
|
3,415
|
|
486
|
|
**
|
Income from
continuing operations, net of tax
|
|
2,426
|
|
3,104
|
|
3,537
|
|
3,327
|
|
2,568
|
|
(22)
|
|
(6)
|
|
12,394
|
|
2,717
|
|
**
|
Income (loss) from
discontinued operations, net of tax
|
|
(1)
|
|
—
|
|
(1)
|
|
(2)
|
|
(2)
|
|
**
|
|
(50)
|
|
(4)
|
|
(3)
|
|
33
|
Net
income
|
|
2,425
|
|
3,104
|
|
3,536
|
|
3,325
|
|
2,566
|
|
(22)
|
|
(5)
|
|
12,390
|
|
2,714
|
|
**
|
Dividends and
undistributed earnings allocated to participating
securities(2)
|
|
(21)
|
|
(26)
|
|
(30)
|
|
(28)
|
|
(19)
|
|
(19)
|
|
11
|
|
(105)
|
|
(20)
|
|
425
|
Preferred stock
dividends
|
|
(74)
|
|
(79)
|
|
(60)
|
|
(61)
|
|
(68)
|
|
(6)
|
|
9
|
|
(274)
|
|
(280)
|
|
(2)
|
Issuance cost for
redeemed preferred stock(3)
|
|
(34)
|
|
(12)
|
|
—
|
|
—
|
|
(17)
|
|
183
|
|
100
|
|
(46)
|
|
(39)
|
|
18
|
Net income (loss)
available to common stockholders
|
|
$
2,296
|
|
$
2,987
|
|
$
3,446
|
|
$
3,236
|
|
$
2,462
|
|
(23)
|
|
(7)
|
|
$
11,965
|
|
$
2,375
|
|
404
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Q4
vs
|
|
Year Ended
December 31,
|
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
2021
vs
|
(Dollars in
millions, except per share data and as noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2021
|
|
2020
|
|
2020
|
Basic earnings per
common share:(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
5.43
|
|
$
6.81
|
|
$
7.65
|
|
$
7.06
|
|
$
5.36
|
|
(20)%
|
|
1%
|
|
$
27.05
|
|
$
5.20
|
|
**
|
Income (loss) from
discontinued operations
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(0.01)
|
|
(0.01)
|
|
—
|
Net income per basic
common share
|
|
$
5.43
|
|
$
6.81
|
|
$
7.65
|
|
$
7.06
|
|
$
5.36
|
|
(20)
|
|
1
|
|
$
27.04
|
|
$
5.19
|
|
**
|
Diluted earnings
per common share:(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
5.41
|
|
$
6.78
|
|
$
7.62
|
|
$
7.03
|
|
$
5.35
|
|
(20)
|
|
1
|
|
$
26.95
|
|
$
5.19
|
|
**
|
Income (loss) from
discontinued operations
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(0.01)
|
|
(0.01)
|
|
—
|
Net income per
diluted common share
|
|
$
5.41
|
|
$
6.78
|
|
$
7.62
|
|
$
7.03
|
|
$
5.35
|
|
(20)
|
|
1
|
|
$
26.94
|
|
$
5.18
|
|
**
|
Weighted-average
common shares outstanding (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic common
shares
|
|
422.5
|
|
438.8
|
|
450.6
|
|
458.6
|
|
459.1
|
|
(4)
|
|
(8)
|
|
442.5
|
|
457.8
|
|
(3)
|
Diluted common
shares
|
|
424.3
|
|
440.5
|
|
452.3
|
|
460.1
|
|
460.2
|
|
(4)
|
|
(8)
|
|
444.2
|
|
458.9
|
|
(3)
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 4:
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Q4
vs
|
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
(Dollars in
millions)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$
4,164
|
|
$
5,444
|
|
$
5,312
|
|
$
4,670
|
|
$
4,708
|
|
(24)%
|
|
(12)%
|
Interest-bearing
deposits and other short-term investments
|
|
17,582
|
|
21,180
|
|
29,534
|
|
45,825
|
|
35,801
|
|
(17)
|
|
(51)
|
Total cash and cash
equivalents
|
|
21,746
|
|
26,624
|
|
34,846
|
|
50,495
|
|
40,509
|
|
(18)
|
|
(46)
|
Restricted cash for
securitization investors
|
|
308
|
|
234
|
|
242
|
|
1,779
|
|
262
|
|
32
|
|
18
|
Securities available
for sale
|
|
95,261
|
|
98,149
|
|
101,766
|
|
99,165
|
|
100,445
|
|
(3)
|
|
(5)
|
Loans held for
investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecuritized loans
held for investment
|
|
252,468
|
|
238,475
|
|
226,130
|
|
219,182
|
|
225,698
|
|
6
|
|
12
|
Loans held in
consolidated trusts
|
|
24,872
|
|
22,915
|
|
23,467
|
|
23,949
|
|
25,926
|
|
9
|
|
(4)
|
Total loans held for
investment
|
|
277,340
|
|
261,390
|
|
249,597
|
|
243,131
|
|
251,624
|
|
6
|
|
10
|
Allowance for credit
losses
|
|
(11,430)
|
|
(11,573)
|
|
(12,346)
|
|
(14,017)
|
|
(15,564)
|
|
(1)
|
|
(27)
|
Net loans held for
investment
|
|
265,910
|
|
249,817
|
|
237,251
|
|
229,114
|
|
236,060
|
|
6
|
|
13
|
Loans held for
sale
|
|
5,888
|
|
6,300
|
|
6,522
|
|
2,896
|
|
2,710
|
|
(7)
|
|
117
|
Premises and
equipment, net
|
|
4,210
|
|
4,204
|
|
4,227
|
|
4,277
|
|
4,287
|
|
—
|
|
(2)
|
Interest
receivable
|
|
1,460
|
|
1,418
|
|
1,372
|
|
1,380
|
|
1,471
|
|
3
|
|
(1)
|
Goodwill
|
|
14,782
|
|
14,652
|
|
14,654
|
|
14,654
|
|
14,653
|
|
1
|
|
1
|
Other
assets
|
|
22,816
|
|
23,979
|
|
22,540
|
|
21,415
|
|
21,205
|
|
(5)
|
|
8
|
Total
assets
|
|
$
432,381
|
|
$ 425,377
|
|
$ 423,420
|
|
$ 425,175
|
|
$ 421,602
|
|
2
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Q4
vs
|
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
(Dollars in
millions)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
payable
|
|
$
281
|
|
$
241
|
|
$
301
|
|
$
288
|
|
$
352
|
|
17%
|
|
(20)%
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
|
38,043
|
|
36,804
|
|
34,994
|
|
34,003
|
|
31,142
|
|
3
|
|
22
|
Interest-bearing
deposits
|
|
272,937
|
|
269,134
|
|
271,314
|
|
276,325
|
|
274,300
|
|
1
|
|
—
|
Total
deposits
|
|
310,980
|
|
305,938
|
|
306,308
|
|
310,328
|
|
305,442
|
|
2
|
|
2
|
Securitized debt
obligations
|
|
14,994
|
|
12,635
|
|
10,561
|
|
12,071
|
|
12,414
|
|
19
|
|
21
|
Other
debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds purchased
and securities
loaned or
sold under agreements to repurchase
|
|
820
|
|
825
|
|
845
|
|
842
|
|
668
|
|
(1)
|
|
23
|
Senior and subordinated
notes
|
|
27,219
|
|
23,983
|
|
24,878
|
|
25,467
|
|
27,382
|
|
13
|
|
(1)
|
Other
borrowings
|
|
53
|
|
58
|
|
59
|
|
70
|
|
75
|
|
(9)
|
|
(29)
|
Total other
debt
|
|
28,092
|
|
24,866
|
|
25,782
|
|
26,379
|
|
28,125
|
|
13
|
|
—
|
Other
liabilities
|
|
17,005
|
|
18,153
|
|
15,844
|
|
14,921
|
|
15,065
|
|
(6)
|
|
13
|
Total
liabilities
|
|
371,352
|
|
361,833
|
|
358,796
|
|
363,987
|
|
361,398
|
|
3
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
|
—
|
|
—
|
Common
stock
|
|
7
|
|
7
|
|
7
|
|
7
|
|
7
|
|
—
|
|
—
|
Additional paid-in
capital, net
|
|
34,112
|
|
35,051
|
|
35,472
|
|
33,671
|
|
33,480
|
|
(3)
|
|
2
|
Retained
earnings
|
|
51,006
|
|
48,944
|
|
46,461
|
|
43,167
|
|
40,088
|
|
4
|
|
27
|
Accumulated other
comprehensive income
|
|
374
|
|
1,360
|
|
1,792
|
|
1,783
|
|
3,494
|
|
(73)
|
|
(89)
|
Treasury stock, at
cost
|
|
(24,470)
|
|
(21,818)
|
|
(19,108)
|
|
(17,440)
|
|
(16,865)
|
|
12
|
|
45
|
Total
stockholders' equity
|
|
61,029
|
|
63,544
|
|
64,624
|
|
61,188
|
|
60,204
|
|
(4)
|
|
1
|
Total liabilities
and stockholders' equity
|
|
$
432,381
|
|
$ 425,377
|
|
$ 423,420
|
|
$ 425,175
|
|
$ 421,602
|
|
2
|
|
3
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 5: Notes to
Financial Summary, Selected Metrics and Consolidated Financial
Statements (Tables 1—4)
|
|
(1)
|
Total net revenue was
reduced by $151 million in Q4 2021, $123 million in Q3 2021, $175
million in Q2 2021, $180 million in Q1 2021 and $177 million in Q4
2020 for credit card finance charges and fees charged-off as
uncollectible.
|
(2)
|
Dividends and
undistributed earnings allocated to participating securities and
earnings per share are computed independently for each period.
Accordingly, the sum of each quarterly amount may not agree to the
year-to-date total. We also provide adjusted diluted earnings per
share, which is a non-GAAP measure. See "Table 15: Calculation of
Regulatory Capital Measures and Reconciliation of Non-GAAP
Measures" for additional information on our non-GAAP
measures.
|
(3)
|
On March 2, 2020, we
redeemed all outstanding shares of our fixed rate 6.00%
non-cumulative perpetual preferred stock Series B, which increased
our net loss available to common shareholders by $22 million in Q1
2020. On December 1, 2020, we redeemed all outstanding shares of
our fixed rate 6.20% non-cumulative perpetual preferred stock
Series F, which reduced our net income available to common
shareholders by $17 million in Q4 2020. On September 1, 2021, we
redeemed all outstanding shares of our fixed-to-floating rate
non-cumulative perpetual preferred stock Series E, which reduced
our net income available to common shareholders by $12 million in
Q3 2021. On December 1, 2021, we redeemed all outstanding shares of
our fixed rate 5.20% non-cumulative perpetual preferred stock
Series G, and our fixed rate 6.00% non-cumulative perpetual
preferred stock Series H, which together reduced our net income
available to common shareholders by $34 million in Q4
2021.
|
(4)
|
Tangible book value
per common share is a non-GAAP measure calculated based on tangible
common equity divided by common shares outstanding. See "Table 15:
Calculation of Regulatory Capital Measures and Reconciliation of
Non-GAAP Measures" for additional information on non-GAAP
measures.
|
(5)
|
Total net revenue
margin is calculated based on total net revenue for the period
divided by average interest-earning assets for the
period.
|
(6)
|
Net interest margin
is calculated based on annualized net interest income for the
period divided by average interest-earning assets for the
period.
|
(7)
|
Return on average
tangible assets is a non-GAAP measure calculated based on
annualized income (loss) from continuing operations, net of tax,
for the period divided by average tangible assets for the period.
See "Table 15: Calculation of Regulatory Capital Measures and
Reconciliation of Non-GAAP Measures" for additional information on
non-GAAP measures.
|
(8)
|
Return on average
common equity is calculated based on net income (loss) available to
common stockholders less income (loss) from discontinued
operations, net of tax, for the period, divided by average common
equity. Our calculation of return on average common equity may not
be comparable to similarly-titled measures reported by other
companies.
|
(9)
|
Return on average
tangible common equity ("ROTCE") is a non-GAAP measure calculated
based on net income (loss) available to common stockholders less
income (loss) from discontinued operations, net of tax, for the
period, divided by average tangible common equity ("TCE"). Our
calculation of return on average TCE may not be comparable to
similarly-titled measures reported by other companies. See "Table
15: Calculation of Regulatory Capital Measures and Reconciliation
of Non-GAAP Measures" for additional information on non-GAAP
measures.
|
(10)
|
Efficiency ratio is
calculated based on total non-interest expense for the period
divided by total net revenue for the period. We also provide an
adjusted efficiency ratio, which is a non-GAAP measure. See "Table
15: Calculation of Regulatory Capital Measures and Reconciliation
of Non-GAAP Measures" for additional information on our non-GAAP
measures.
|
(11)
|
Operating efficiency
ratio is calculated based on operating expense for the period
divided by total net revenue for the period. We also provide an
adjusted operating efficiency ratio, which is a non-GAAP measure.
See "Table 15: Calculation of Regulatory Capital Measures and
Reconciliation of Non-GAAP Measures" for additional information on
our non-GAAP measures.
|
(12)
|
Net charge-off rate
is calculated based on annualized net charge-offs for the period
divided by average loans held for investment for the
period.
|
(13)
|
Capital ratios as of
the end of Q4 2021 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.
|
(14)
|
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
|
|
|
|
2021
Q4
|
|
2021
Q3
|
|
2020
Q4
|
(Dollars in
millions, except as noted)
|
|
Average
Balance
|
|
Interest Income/
Expense
|
|
Yield/Rate
|
|
Average
Balance
|
|
Interest Income/
Expense
|
|
Yield/Rate
|
|
Average
Balance
|
|
Interest Income/
Expense
|
|
Yield/Rate
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including loans
held for sale
|
|
$
272,805
|
|
$
6,451
|
|
9.46%
|
|
$
260,235
|
|
$
6,205
|
|
9.54%
|
|
$
251,135
|
|
$
5,954
|
|
9.48%
|
Investment
securities
|
|
96,421
|
|
368
|
|
1.53
|
|
98,802
|
|
317
|
|
1.28
|
|
97,640
|
|
422
|
|
1.73
|
Cash equivalents and
other
|
|
21,642
|
|
12
|
|
0.22
|
|
28,729
|
|
16
|
|
0.22
|
|
39,477
|
|
15
|
|
0.15
|
Total
interest-earning assets
|
|
$
390,868
|
|
$
6,831
|
|
6.99
|
|
$
387,766
|
|
$
6,538
|
|
6.74
|
|
$
388,252
|
|
$
6,391
|
|
6.58
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
$
269,951
|
|
$
222
|
|
0.33
|
|
$
269,278
|
|
$
228
|
|
0.34
|
|
$
274,143
|
|
$
347
|
|
0.51
|
Securitized debt
obligations
|
|
13,775
|
|
30
|
|
0.87
|
|
12,420
|
|
29
|
|
0.93
|
|
12,651
|
|
34
|
|
1.08
|
Senior and subordinated
notes
|
|
25,454
|
|
121
|
|
1.90
|
|
24,241
|
|
116
|
|
1.91
|
|
27,386
|
|
128
|
|
1.87
|
Other borrowings and
liabilities
|
|
2,279
|
|
8
|
|
1.50
|
|
2,357
|
|
9
|
|
1.49
|
|
2,095
|
|
9
|
|
1.75
|
Total
interest-bearing liabilities
|
|
$
311,459
|
|
$
381
|
|
0.49
|
|
$
308,296
|
|
$
382
|
|
0.49
|
|
$
316,275
|
|
$
518
|
|
0.65
|
Net interest
income/spread
|
|
|
|
$
6,450
|
|
6.50
|
|
|
|
$
6,156
|
|
6.25
|
|
|
|
$
5,873
|
|
5.93
|
Impact of
non-interest-bearing funding
|
|
|
|
|
|
0.10
|
|
|
|
|
|
0.10
|
|
|
|
|
|
0.12
|
Net interest
margin
|
|
|
|
|
|
6.60%
|
|
|
|
|
|
6.35%
|
|
|
|
|
|
6.05%
|
|
|
|
Year Ended
December 31,
|
|
|
2021
|
|
2020
|
(Dollars in
millions, except as noted)
|
|
Average
Balance
|
|
Interest Income/
Expense
|
|
Yield/Rate
|
|
Average
Balance
|
|
Interest Income/
Expense
|
|
Yield/Rate
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including loans
held for sale
|
|
$
257,328
|
|
$
24,263
|
|
9.43%
|
|
$
254,901
|
|
$
24,074
|
|
9.44%
|
Investment
securities
|
|
98,394
|
|
1,446
|
|
1.47
|
|
87,222
|
|
1,877
|
|
2.15
|
Cash equivalents and
other
|
|
33,614
|
|
60
|
|
0.18
|
|
36,239
|
|
82
|
|
0.23
|
Total
interest-earning assets
|
|
$
389,336
|
|
$
25,769
|
|
6.62
|
|
$
378,362
|
|
$
26,033
|
|
6.88
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
$
271,500
|
|
$
956
|
|
0.35
|
|
$
263,279
|
|
$
2,165
|
|
0.82
|
Securitized debt
obligations
|
|
12,336
|
|
119
|
|
0.96
|
|
15,533
|
|
232
|
|
1.49
|
Senior and subordinated
notes
|
|
25,530
|
|
488
|
|
1.91
|
|
29,621
|
|
679
|
|
2.29
|
Other borrowings and
liabilities
|
|
2,261
|
|
35
|
|
1.57
|
|
2,882
|
|
44
|
|
1.55
|
Total
interest-bearing liabilities
|
|
$
311,627
|
|
$
1,598
|
|
0.51
|
|
$
311,315
|
|
$
3,120
|
|
1.00
|
Net interest
income/spread
|
|
|
|
$
24,171
|
|
6.11
|
|
|
|
$
22,913
|
|
5.88
|
Impact of
non-interest-bearing funding
|
|
|
|
|
|
0.10
|
|
|
|
|
|
0.18
|
Net interest
margin
|
|
|
|
|
|
6.21%
|
|
|
|
|
|
6.06%
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 7: Loan
Information and Performance Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Q4
vs.
|
|
Year Ended
December 31,
|
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
2021
vs.
|
(Dollars in
millions, except as noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2021
|
|
2020
|
|
2020
|
Loans Held for
Investment (Period-End)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card(1)
|
|
$
108,723
|
|
$
99,258
|
|
$
95,309
|
|
$
91,099
|
|
$
98,504
|
|
10%
|
|
10%
|
|
$
108,723
|
|
$
98,504
|
|
10%
|
International card businesses(2)
|
|
6,049
|
|
5,772
|
|
5,708
|
|
8,028
|
|
8,452
|
|
5
|
|
(28)
|
|
6,049
|
|
8,452
|
|
(28)
|
Total credit
card
|
|
114,772
|
|
105,030
|
|
101,017
|
|
99,127
|
|
106,956
|
|
9
|
|
7
|
|
114,772
|
|
106,956
|
|
7
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
75,779
|
|
74,716
|
|
71,713
|
|
67,059
|
|
65,762
|
|
1
|
|
15
|
|
75,779
|
|
65,762
|
|
15
|
Retail
banking
|
|
1,867
|
|
2,396
|
|
3,046
|
|
3,143
|
|
3,126
|
|
(22)
|
|
(40)
|
|
1,867
|
|
3,126
|
|
(40)
|
Total consumer
banking
|
|
77,646
|
|
77,112
|
|
74,759
|
|
70,202
|
|
68,888
|
|
1
|
|
13
|
|
77,646
|
|
68,888
|
|
13
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
35,262
|
|
33,096
|
|
29,616
|
|
30,008
|
|
30,681
|
|
7
|
|
15
|
|
35,262
|
|
30,681
|
|
15
|
Commercial and industrial
|
|
49,660
|
|
46,152
|
|
44,205
|
|
43,794
|
|
45,099
|
|
8
|
|
10
|
|
49,660
|
|
45,099
|
|
10
|
Total commercial
banking
|
|
84,922
|
|
79,248
|
|
73,821
|
|
73,802
|
|
75,780
|
|
7
|
|
12
|
|
84,922
|
|
75,780
|
|
12
|
Total loans held for
investment
|
|
$
277,340
|
|
$
261,390
|
|
$
249,597
|
|
$
243,131
|
|
$
251,624
|
|
6
|
|
10
|
|
$
277,340
|
|
$ 251,624
|
|
10
|
Loans Held for
Investment (Average)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card
|
|
$
102,717
|
|
$
96,309
|
|
$
91,535
|
|
$
92,594
|
|
$
95,453
|
|
7%
|
|
8%
|
|
$
95,818
|
|
$ 101,837
|
|
(6)%
|
International card businesses
|
|
5,871
|
|
5,737
|
|
8,139
|
|
7,940
|
|
8,108
|
|
2
|
|
(28)
|
|
6,913
|
|
8,245
|
|
(16)
|
Total credit
card
|
|
108,588
|
|
102,046
|
|
99,674
|
|
100,534
|
|
103,561
|
|
6
|
|
5
|
|
102,731
|
|
110,082
|
|
(7)
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
75,284
|
|
73,296
|
|
69,543
|
|
66,185
|
|
65,590
|
|
3
|
|
15
|
|
71,108
|
|
63,227
|
|
12
|
Retail
banking
|
|
2,160
|
|
2,700
|
|
3,162
|
|
3,049
|
|
3,218
|
|
(20)
|
|
(33)
|
|
2,765
|
|
3,072
|
|
(10)
|
Total consumer
banking
|
|
77,444
|
|
75,996
|
|
72,705
|
|
69,234
|
|
68,808
|
|
2
|
|
13
|
|
73,873
|
|
66,299
|
|
11
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
33,591
|
|
30,314
|
|
30,124
|
|
29,856
|
|
30,825
|
|
11
|
|
9
|
|
30,980
|
|
31,135
|
|
—
|
Commercial and industrial
|
|
47,536
|
|
44,745
|
|
43,960
|
|
44,313
|
|
44,495
|
|
6
|
|
7
|
|
45,146
|
|
45,819
|
|
(1)
|
Total commercial
banking
|
|
81,127
|
|
75,059
|
|
74,084
|
|
74,169
|
|
75,320
|
|
8
|
|
8
|
|
76,126
|
|
76,954
|
|
(1)
|
Total average loans
held for investment
|
|
$
267,159
|
|
$
253,101
|
|
$
246,463
|
|
$
243,937
|
|
$
247,689
|
|
6
|
|
8
|
|
$
252,730
|
|
$ 253,335
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Q4
vs
|
|
Year Ended
December 31,
|
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
2021 vs.
2020
|
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
Net Charge-Off
(Recovery) Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card
|
|
1.49%
|
|
1.36%
|
|
2.28%
|
|
2.54%
|
|
2.69%
|
|
13
bps
|
|
(120) bps
|
|
1.90%
|
|
3.93%
|
|
(203)
bps
|
International card businesses
|
|
0.14
|
|
2.72
|
|
2.41
|
|
2.30
|
|
1.86
|
|
(258)
|
|
(172)
|
|
1.96
|
|
3.26
|
|
(130)
|
Total credit
card
|
|
1.42
|
|
1.43
|
|
2.29
|
|
2.52
|
|
2.63
|
|
(1)
|
|
(121)
|
|
1.90
|
|
3.88
|
|
(198)
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
0.58
|
|
0.18
|
|
(0.12)
|
|
0.47
|
|
0.47
|
|
40
|
|
11
|
|
0.28
|
|
0.83
|
|
(55)
|
Retail
banking
|
|
6.69
|
|
2.45
|
|
1.41
|
|
1.68
|
|
1.88
|
|
4%
|
|
5%
|
|
2.77
|
|
1.82
|
|
95
|
Total consumer
banking
|
|
0.75
|
|
0.27
|
|
(0.06)
|
|
0.52
|
|
0.53
|
|
48
bps
|
|
22
bps
|
|
0.37
|
|
0.87
|
|
(50)
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
—
|
|
0.01
|
|
0.04
|
|
0.06
|
|
0.02
|
|
(1)
|
|
(2)
|
|
0.03
|
|
0.13
|
|
(10)
|
Commercial and industrial
|
|
(0.03)
|
|
0.07
|
|
(0.21)
|
|
0.11
|
|
0.74
|
|
(10)
|
|
(77)
|
|
(0.01)
|
|
0.73
|
|
(74)
|
Total commercial
banking
|
|
(0.02)
|
|
0.05
|
|
(0.11)
|
|
0.09
|
|
0.45
|
|
(7)
|
|
(47)
|
|
—
|
|
0.49
|
|
(49)
|
Total net
charge-offs
|
|
0.79
|
|
0.67
|
|
0.88
|
|
1.21
|
|
1.38
|
|
12
|
|
(59)
|
|
0.88
|
|
2.06
|
|
(118)
|
30+ Day Performing
Delinquency Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card
|
|
2.22%
|
|
1.93%
|
|
1.68%
|
|
2.24%
|
|
2.42%
|
|
29
bps
|
|
(20)
bps
|
|
2.22%
|
|
2.42%
|
|
(20) bps
|
International card businesses
|
|
3.42
|
|
3.27
|
|
2.89
|
|
2.51
|
|
2.61
|
|
15
|
|
81
|
|
3.42
|
|
2.61
|
|
81
|
Total credit
card
|
|
2.28
|
|
2.00
|
|
1.75
|
|
2.26
|
|
2.44
|
|
28
|
|
(16)
|
|
2.28
|
|
2.44
|
|
(16)
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
4.32
|
|
3.65
|
|
3.26
|
|
3.12
|
|
4.78
|
|
67
|
|
(46)
|
|
4.32
|
|
4.78
|
|
(46)
|
Retail
banking
|
|
1.92
|
|
1.15
|
|
0.79
|
|
1.02
|
|
1.32
|
|
77
|
|
60
|
|
1.92
|
|
1.32
|
|
60
|
Total consumer
banking
|
|
4.26
|
|
3.58
|
|
3.16
|
|
3.03
|
|
4.62
|
|
68
|
|
(36)
|
|
4.26
|
|
4.62
|
|
(36)
|
Nonperforming
Loans and Nonperforming Assets
Rates(3)(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International card businesses
|
|
0.16%
|
|
0.16%
|
|
0.20%
|
|
0.17%
|
|
0.24%
|
|
—
|
|
(8)
bps
|
|
0.16%
|
|
0.24%
|
|
(8)
bps
|
Total credit
card
|
|
0.01
|
|
0.01
|
|
0.01
|
|
0.01
|
|
0.02
|
|
—
|
|
(1)
|
|
0.01
|
|
0.02
|
|
(1)
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
0.45
|
|
0.36
|
|
0.29
|
|
0.29
|
|
0.45
|
|
9 bps
|
|
—
|
|
0.45
|
|
0.45
|
|
—
|
Retail
banking
|
|
2.51
|
|
2.20
|
|
1.75
|
|
1.16
|
|
0.96
|
|
31
|
|
155
|
|
2.51
|
|
0.96
|
|
155
|
Total consumer
banking
|
|
0.50
|
|
0.42
|
|
0.35
|
|
0.33
|
|
0.47
|
|
8
|
|
3
|
|
0.50
|
|
0.47
|
|
3
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
1.09
|
|
0.87
|
|
1.02
|
|
0.78
|
|
0.65
|
|
22
|
|
44
|
|
1.09
|
|
0.65
|
|
44
|
Commercial and industrial
|
|
0.64
|
|
0.68
|
|
1.03
|
|
1.02
|
|
1.00
|
|
(4)
|
|
(36)
|
|
0.64
|
|
1.00
|
|
(36)
|
Total commercial
banking
|
|
0.82
|
|
0.76
|
|
1.03
|
|
0.92
|
|
0.86
|
|
6
|
|
(4)
|
|
0.82
|
|
0.86
|
|
(4)
|
Total nonperforming
loans
|
|
0.40
|
|
0.35
|
|
0.41
|
|
0.38
|
|
0.40
|
|
5
|
|
—
|
|
0.40
|
|
0.40
|
|
—
|
Total nonperforming
assets
|
|
0.41
|
|
0.37
|
|
0.43
|
|
0.40
|
|
0.41
|
|
4
|
|
—
|
|
0.41
|
|
0.41
|
|
—
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 8: Allowance
for Credit Losses and Reserve for Unfunded Lending Commitments
Activity
|
|
|
|
Three Months Ended
December 31, 2021
|
|
|
Credit
Card
|
|
Consumer
Banking
|
|
|
|
|
(Dollars in
millions)
|
|
Domestic
Card
|
|
International Card
Businesses
|
|
Total Credit
Card
|
|
Auto
|
|
Retail
Banking
|
|
Total Consumer
Banking
|
|
Commercial
Banking
|
|
Total
|
Allowance for
credit losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
September 30, 2021
|
|
$
7,968
|
|
$
338
|
|
$
8,306
|
|
$
1,988
|
|
$
73
|
|
$
2,061
|
|
$
1,206
|
|
$
11,573
|
Charge-offs
|
|
(702)
|
|
(84)
|
|
(786)
|
|
(305)
|
|
(40)
|
|
(345)
|
|
(1)
|
|
(1,132)
|
Recoveries
|
|
318
|
|
82
|
|
400
|
|
195
|
|
5
|
|
200
|
|
5
|
|
605
|
Net
charge-offs
|
|
(384)
|
|
(2)
|
|
(386)
|
|
(110)
|
|
(35)
|
|
(145)
|
|
4
|
|
(527)
|
Provision (benefit)
for credit losses
|
|
384
|
|
39
|
|
423
|
|
(26)
|
|
28
|
|
2
|
|
(43)
|
|
382
|
Allowance build
(release) for credit losses
|
|
—
|
|
37
|
|
37
|
|
(136)
|
|
(7)
|
|
(143)
|
|
(39)
|
|
(145)
|
Other
changes(5)
|
|
—
|
|
2
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
Balance as of
December 31, 2021
|
|
7,968
|
|
377
|
|
8,345
|
|
1,852
|
|
66
|
|
1,918
|
|
1,167
|
|
11,430
|
Reserve for
unfunded lending commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
September 30, 2021
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
166
|
|
166
|
Provision (benefit)
for losses on unfunded lending commitments
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1)
|
|
(1)
|
Balance as of
December 31, 2021
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
165
|
|
165
|
Combined allowance
and reserve as of December 31, 2021
|
|
$
7,968
|
|
$
377
|
|
$
8,345
|
|
$
1,852
|
|
$
66
|
|
$
1,918
|
|
$
1,332
|
|
$
11,595
|
|
|
|
Year Ended
December 31, 2021
|
|
|
Credit
Card
|
|
Consumer
Banking
|
|
|
|
|
(Dollars in
millions)
|
|
Domestic
Card
|
|
International Card
Businesses
|
|
Total Credit
Card
|
|
Auto
|
|
Retail
Banking
|
|
Total Consumer
Banking
|
|
Commercial
Banking
|
|
Total
|
Allowance for
credit losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
December 31, 2020
|
|
$
10,650
|
|
$
541
|
|
$
11,191
|
|
$
2,615
|
|
$
100
|
|
$
2,715
|
|
$
1,658
|
|
$
15,564
|
Charge-offs
|
|
(3,138)
|
|
(343)
|
|
(3,481)
|
|
(1,118)
|
|
(93)
|
|
(1,211)
|
|
(48)
|
|
(4,740)
|
Recoveries
|
|
1,318
|
|
207
|
|
1,525
|
|
918
|
|
17
|
|
935
|
|
46
|
|
2,506
|
Net
charge-offs
|
|
(1,820)
|
|
(136)
|
|
(1,956)
|
|
(200)
|
|
(76)
|
|
(276)
|
|
(2)
|
|
(2,234)
|
Provision (benefit)
for credit losses
|
|
(868)
|
|
(34)
|
|
(902)
|
|
(563)
|
|
42
|
|
(521)
|
|
(489)
|
|
(1,912)
|
Allowance build
(release) for credit losses
|
|
(2,688)
|
|
(170)
|
|
(2,858)
|
|
(763)
|
|
(34)
|
|
(797)
|
|
(491)
|
|
(4,146)
|
Other
changes(5)
|
|
6
|
|
6
|
|
12
|
|
—
|
|
—
|
|
—
|
|
—
|
|
12
|
Balance as of
December 31, 2021
|
|
7,968
|
|
377
|
|
8,345
|
|
1,852
|
|
66
|
|
1,918
|
|
1,167
|
|
11,430
|
Reserve for
unfunded lending commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
December 31, 2020
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
195
|
|
195
|
Provision (benefit)
for losses on unfunded lending commitments
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(30)
|
|
(30)
|
Balance as of
December 31, 2021
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
165
|
|
165
|
Combined allowance
and reserve as of December 31, 2021
|
|
$
7,968
|
|
$
377
|
|
$
8,345
|
|
$
1,852
|
|
$
66
|
|
$
1,918
|
|
$
1,332
|
|
$
11,595
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 9: Financial
Summary—Business Segment Results
|
|
|
|
Three Months Ended
December 31, 2021
|
|
Year Ended
December 31, 2021
|
(Dollars in
millions)
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking(6)
|
|
Other(6)
|
|
Total
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking(6)
|
|
Other(6)
|
|
Total
|
Net interest income
(loss)
|
|
$
3,865
|
|
$
2,158
|
|
$
595
|
|
$
(168)
|
|
$
6,450
|
|
$
14,074
|
|
$
8,448
|
|
$
2,153
|
|
$
(504)
|
|
$
24,171
|
Non-interest income
(loss)
|
|
1,261
|
|
142
|
|
345
|
|
(80)
|
|
1,668
|
|
4,806
|
|
554
|
|
1,148
|
|
(244)
|
|
6,264
|
Total net revenue
(loss)
|
|
5,126
|
|
2,300
|
|
940
|
|
(248)
|
|
8,118
|
|
18,880
|
|
9,002
|
|
3,301
|
|
(748)
|
|
30,435
|
Provision (benefit)
for credit losses
|
|
423
|
|
2
|
|
(44)
|
|
—
|
|
381
|
|
(902)
|
|
(521)
|
|
(519)
|
|
(2)
|
|
(1,944)
|
Non-interest
expense
|
|
2,799
|
|
1,285
|
|
520
|
|
74
|
|
4,678
|
|
9,621
|
|
4,711
|
|
1,815
|
|
423
|
|
16,570
|
Income (loss) from
continuing operations before income taxes
|
|
1,904
|
|
1,013
|
|
464
|
|
(322)
|
|
3,059
|
|
10,161
|
|
4,812
|
|
2,005
|
|
(1,169)
|
|
15,809
|
Income tax provision
(benefit)
|
|
451
|
|
239
|
|
109
|
|
(166)
|
|
633
|
|
2,403
|
|
1,136
|
|
473
|
|
(597)
|
|
3,415
|
Income (loss) from
continuing operations, net of tax
|
|
$
1,453
|
|
$
774
|
|
$
355
|
|
$
(156)
|
|
$
2,426
|
|
$
7,758
|
|
$
3,676
|
|
$
1,532
|
|
$
(572)
|
|
$
12,394
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2021
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking(6)
|
|
Other(6)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(loss)
|
|
$
3,620
|
|
$
2,159
|
|
$
578
|
|
$
(201)
|
|
$
6,156
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
(loss)
|
|
1,263
|
|
127
|
|
306
|
|
(22)
|
|
1,674
|
|
|
|
|
|
|
|
|
|
|
Total net revenue
(loss)
|
|
4,883
|
|
2,286
|
|
884
|
|
(223)
|
|
7,830
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit)
for credit losses
|
|
(198)
|
|
(91)
|
|
(53)
|
|
—
|
|
(342)
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense
|
|
2,424
|
|
1,186
|
|
459
|
|
117
|
|
4,186
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations before income taxes
|
|
2,657
|
|
1,191
|
|
478
|
|
(340)
|
|
3,986
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
(benefit)
|
|
627
|
|
282
|
|
113
|
|
(140)
|
|
882
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
2,030
|
|
$
909
|
|
$
365
|
|
$
(200)
|
|
$
3,104
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2020
|
|
Year Ended
December 31, 2020
|
(Dollars in
millions)
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking(6)
|
|
Other(6)
|
|
Total
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking(6)
|
|
Other(6)
|
|
Total
|
Net interest income
(loss)
|
|
$
3,413
|
|
$
2,012
|
|
$
522
|
|
$
(74)
|
|
$
5,873
|
|
$
13,776
|
|
$
7,238
|
|
$
2,048
|
|
$
(149)
|
|
$
22,913
|
Non-interest
income
|
|
1,054
|
|
136
|
|
268
|
|
6
|
|
1,464
|
|
3,823
|
|
466
|
|
923
|
|
398
|
|
5,610
|
Total net revenue
(loss)
|
|
4,467
|
|
2,148
|
|
790
|
|
(68)
|
|
7,337
|
|
17,599
|
|
7,704
|
|
2,971
|
|
249
|
|
28,523
|
Provision (benefit)
for credit losses
|
|
231
|
|
60
|
|
(28)
|
|
1
|
|
264
|
|
7,327
|
|
1,753
|
|
1,181
|
|
3
|
|
10,264
|
Non-interest
expense
|
|
2,311
|
|
1,121
|
|
445
|
|
132
|
|
4,009
|
|
8,491
|
|
4,159
|
|
1,706
|
|
700
|
|
15,056
|
Income (loss) from
continuing operations before income taxes
|
|
1,925
|
|
967
|
|
373
|
|
(201)
|
|
3,064
|
|
1,781
|
|
1,792
|
|
84
|
|
(454)
|
|
3,203
|
Income tax provision
(benefit)
|
|
454
|
|
230
|
|
88
|
|
(276)
|
|
496
|
|
420
|
|
425
|
|
19
|
|
(378)
|
|
486
|
Income (loss) from
continuing operations, net of tax
|
|
$
1,471
|
|
$
737
|
|
$
285
|
|
$
75
|
|
$
2,568
|
|
$
1,361
|
|
$
1,367
|
|
$
65
|
|
$
(76)
|
|
$
2,717
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 10:
Financial & Statistical Summary—Credit Card
Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Q4
vs
|
|
Year Ended
December 31,
|
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
2021
vs
|
(Dollars in
millions, except as noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2021
|
|
2020
|
|
2020
|
Credit
Card
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
3,865
|
|
$
3,620
|
|
$
3,217
|
|
$
3,372
|
|
$
3,413
|
|
7%
|
|
13%
|
|
$
14,074
|
|
$
13,776
|
|
2%
|
Non-interest
income
|
|
1,261
|
|
1,263
|
|
1,253
|
|
1,029
|
|
1,054
|
|
—
|
|
20
|
|
4,806
|
|
3,823
|
|
26
|
Total net
revenue
|
|
5,126
|
|
4,883
|
|
4,470
|
|
4,401
|
|
4,467
|
|
5
|
|
15
|
|
18,880
|
|
17,599
|
|
7
|
Provision (benefit) for
credit losses
|
|
423
|
|
(198)
|
|
(635)
|
|
(492)
|
|
231
|
|
**
|
|
83
|
|
(902)
|
|
7,327
|
|
**
|
Non-interest
expense
|
|
2,799
|
|
2,424
|
|
2,263
|
|
2,135
|
|
2,311
|
|
15
|
|
21
|
|
9,621
|
|
8,491
|
|
13
|
Income from continuing
operations before income taxes
|
|
1,904
|
|
2,657
|
|
2,842
|
|
2,758
|
|
1,925
|
|
(28)
|
|
(1)
|
|
10,161
|
|
1,781
|
|
**
|
Income tax
provision
|
|
451
|
|
627
|
|
672
|
|
653
|
|
454
|
|
(28)
|
|
(1)
|
|
2,403
|
|
420
|
|
**
|
Income from continuing
operations, net of tax
|
|
$
1,453
|
|
$
2,030
|
|
$
2,170
|
|
$
2,105
|
|
$
1,471
|
|
(28)
|
|
(1)
|
|
$
7,758
|
|
$
1,361
|
|
**
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment(1)(2)
|
|
$
114,772
|
|
$
105,030
|
|
$
101,017
|
|
$
99,127
|
|
$
106,956
|
|
9
|
|
7
|
|
$
114,772
|
|
$
106,956
|
|
7
|
Average loans held for
investment
|
|
108,588
|
|
102,046
|
|
99,674
|
|
100,534
|
|
103,561
|
|
6
|
|
5
|
|
102,731
|
|
110,082
|
|
(7)
|
Average yield on loans
outstanding(7)
|
|
14.94%
|
|
14.88%
|
|
14.04%
|
|
14.49%
|
|
14.24%
|
|
6 bps
|
|
70
bps
|
|
14.60%
|
|
14.08%
|
|
52
bps
|
Total net revenue
margin(8)
|
|
18.11
|
|
18.33
|
|
17.59
|
|
17.17
|
|
16.92
|
|
(22)
|
|
119
|
|
17.81
|
|
15.91
|
|
190
|
Net charge-off
rate
|
|
1.42
|
|
1.43
|
|
2.29
|
|
2.52
|
|
2.63
|
|
(1)
|
|
(121)
|
|
1.90
|
|
3.88
|
|
(198)
|
30+ day performing
delinquency rate
|
|
2.28
|
|
2.00
|
|
1.75
|
|
2.26
|
|
2.44
|
|
28
|
|
(16)
|
|
2.28
|
|
2.44
|
|
(16)
|
30+ day delinquency
rate
|
|
2.29
|
|
2.00
|
|
1.75
|
|
2.27
|
|
2.45
|
|
29
|
|
(16)
|
|
2.29
|
|
2.45
|
|
(16)
|
Nonperforming loan
rate(3)
|
|
0.01
|
|
0.01
|
|
0.01
|
|
0.01
|
|
0.02
|
|
—
|
|
(1)
|
|
0.01
|
|
0.02
|
|
(1)
|
Purchase
volume(9)
|
|
$
149,982
|
|
$
136,614
|
|
$
132,676
|
|
$
108,333
|
|
$
117,141
|
|
10%
|
|
28%
|
|
$
527,605
|
|
$
414,312
|
|
27%
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Q4
vs
|
|
Year Ended
December 31,
|
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
2021
vs
|
(Dollars in
millions, except as noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2021
|
|
2020
|
|
2020
|
Domestic
Card
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
3,558
|
|
$
3,319
|
|
$
2,944
|
|
$
3,095
|
|
$
3,129
|
|
7%
|
|
14%
|
|
$
12,916
|
|
$
12,599
|
|
3%
|
Non-interest
income
|
|
1,190
|
|
1,200
|
|
1,183
|
|
959
|
|
994
|
|
(1)
|
|
20
|
|
4,532
|
|
3,583
|
|
26
|
Total net
revenue
|
|
4,748
|
|
4,519
|
|
4,127
|
|
4,054
|
|
4,123
|
|
5
|
|
15
|
|
17,448
|
|
16,182
|
|
8
|
Provision (benefit) for
credit losses
|
|
384
|
|
(200)
|
|
(561)
|
|
(491)
|
|
231
|
|
**
|
|
66
|
|
(868)
|
|
6,979
|
|
**
|
Non-interest
expense
|
|
2,564
|
|
2,191
|
|
2,034
|
|
1,923
|
|
2,063
|
|
17
|
|
24
|
|
8,712
|
|
7,625
|
|
14
|
Income from continuing
operations before income taxes
|
|
1,800
|
|
2,528
|
|
2,654
|
|
2,622
|
|
1,829
|
|
(29)
|
|
(2)
|
|
9,604
|
|
1,578
|
|
**
|
Income tax
provision
|
|
424
|
|
597
|
|
626
|
|
619
|
|
433
|
|
(29)
|
|
(2)
|
|
2,266
|
|
374
|
|
**
|
Income from continuing
operations, net of tax
|
|
$
1,376
|
|
$
1,931
|
|
$
2,028
|
|
$
2,003
|
|
$
1,396
|
|
(29)
|
|
(1)
|
|
$
7,338
|
|
$
1,204
|
|
**
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment(1)
|
|
$
108,723
|
|
$
99,258
|
|
$
95,309
|
|
$
91,099
|
|
$
98,504
|
|
10
|
|
10
|
|
$
108,723
|
|
$
98,504
|
|
10
|
Average loans held for
investment
|
|
102,717
|
|
96,309
|
|
91,535
|
|
92,594
|
|
95,453
|
|
7
|
|
8
|
|
95,818
|
|
101,837
|
|
(6)
|
Average yield on loans
outstanding(7)
|
|
14.86%
|
|
14.80%
|
|
13.91%
|
|
14.34%
|
|
14.07%
|
|
6 bps
|
|
79
bps
|
|
14.49%
|
|
13.88%
|
|
61
bps
|
Total net revenue
margin(8)
|
|
18.14
|
|
18.40
|
|
17.66
|
|
17.15
|
|
16.91
|
|
(26)
|
|
123
|
|
17.85
|
|
15.80
|
|
205
|
Net charge-off
rate
|
|
1.49
|
|
1.36
|
|
2.28
|
|
2.54
|
|
2.69
|
|
13
|
|
(120)
|
|
1.90
|
|
3.93
|
|
(203)
|
30+ day performing
delinquency rate
|
|
2.22
|
|
1.93
|
|
1.68
|
|
2.24
|
|
2.42
|
|
29
|
|
(20)
|
|
2.22
|
|
2.42
|
|
(20)
|
Purchase
volume(9)
|
|
$
138,825
|
|
$
126,057
|
|
$
122,456
|
|
$
99,960
|
|
$
107,572
|
|
10%
|
|
29%
|
|
$
487,297
|
|
$
380,787
|
|
28%
|
Refreshed FICO
scores:(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater than
660
|
|
71%
|
|
71%
|
|
72%
|
|
70%
|
|
69%
|
|
—
|
|
2
|
|
71%
|
|
69%
|
|
2
|
660 or below
|
|
29
|
|
29
|
|
28
|
|
30
|
|
31
|
|
—
|
|
(2)
|
|
29
|
|
31
|
|
(2)
|
Total
|
|
100%
|
|
100%
|
|
100%
|
|
100%
|
|
100%
|
|
|
|
|
|
100%
|
|
100%
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 11:
Financial & Statistical Summary—Consumer Banking
Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Q4
vs
|
|
Year Ended
December 31,
|
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
2021
vs
|
(Dollars in
millions, except as noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2021
|
|
2020
|
|
2020
|
Consumer
Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
2,158
|
|
$
2,159
|
|
$
2,101
|
|
$
2,030
|
|
$
2,012
|
|
—
|
|
7%
|
|
$
8,448
|
|
$
7,238
|
|
17%
|
Non-interest
income
|
|
142
|
|
127
|
|
144
|
|
141
|
|
136
|
|
12%
|
|
4
|
|
554
|
|
466
|
|
19
|
Total net
revenue
|
|
2,300
|
|
2,286
|
|
2,245
|
|
2,171
|
|
2,148
|
|
1
|
|
7
|
|
9,002
|
|
7,704
|
|
17
|
Provision (benefit) for
credit losses
|
|
2
|
|
(91)
|
|
(306)
|
|
(126)
|
|
60
|
|
**
|
|
(97)
|
|
(521)
|
|
1,753
|
|
**
|
Non-interest
expense
|
|
1,285
|
|
1,186
|
|
1,123
|
|
1,117
|
|
1,121
|
|
8
|
|
15
|
|
4,711
|
|
4,159
|
|
13
|
Income from continuing
operations before income taxes
|
|
1,013
|
|
1,191
|
|
1,428
|
|
1,180
|
|
967
|
|
(15)
|
|
5
|
|
4,812
|
|
1,792
|
|
169
|
Income tax
provision
|
|
239
|
|
282
|
|
337
|
|
278
|
|
230
|
|
(15)
|
|
4
|
|
1,136
|
|
425
|
|
167
|
Income from continuing
operations, net of tax
|
|
$
774
|
|
$
909
|
|
$
1,091
|
|
$
902
|
|
$
737
|
|
(15)
|
|
5
|
|
$
3,676
|
|
$
1,367
|
|
169
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
77,646
|
|
$ 77,112
|
|
$ 74,759
|
|
$ 70,202
|
|
$ 68,888
|
|
1
|
|
13
|
|
$
77,646
|
|
$ 68,888
|
|
13
|
Average loans held for
investment
|
|
77,444
|
|
75,996
|
|
72,705
|
|
69,234
|
|
68,808
|
|
2
|
|
13
|
|
73,873
|
|
66,299
|
|
11
|
Average yield on loans
held for investment(7)
|
|
7.55%
|
|
7.78%
|
|
7.99%
|
|
8.16%
|
|
8.28%
|
|
(23) bps
|
|
(73) bps
|
|
7.86%
|
|
8.37%
|
|
(51) bps
|
Auto loan
originations
|
|
$
9,721
|
|
$ 11,570
|
|
$ 12,959
|
|
$
8,833
|
|
$
7,371
|
|
(16)%
|
|
32%
|
|
$
43,083
|
|
$ 32,282
|
|
33%
|
Period-end
deposits
|
|
256,407
|
|
252,387
|
|
251,155
|
|
254,001
|
|
249,815
|
|
2
|
|
3
|
|
256,407
|
|
249,815
|
|
3
|
Average
deposits
|
|
253,372
|
|
251,307
|
|
252,488
|
|
249,499
|
|
249,419
|
|
1
|
|
2
|
|
251,676
|
|
236,369
|
|
6
|
Average deposits
interest rate
|
|
0.30%
|
|
0.30%
|
|
0.31%
|
|
0.36%
|
|
0.47%
|
|
—
|
|
(17) bps
|
|
0.32%
|
|
0.76%
|
|
(44) bps
|
Net charge-off
(recovery) rate
|
|
0.75
|
|
0.27
|
|
(0.06)
|
|
0.52
|
|
0.53
|
|
48
bps
|
|
22
|
|
0.37
|
|
0.87
|
|
(50)
|
30+ day performing
delinquency rate
|
|
4.26
|
|
3.58
|
|
3.16
|
|
3.03
|
|
4.62
|
|
68
|
|
(36)
|
|
4.26
|
|
4.62
|
|
(36)
|
30+ day delinquency
rate
|
|
4.66
|
|
3.88
|
|
3.40
|
|
3.25
|
|
5.00
|
|
78
|
|
(34)
|
|
4.66
|
|
5.00
|
|
(34)
|
Nonperforming loan
rate(3)
|
|
0.50
|
|
0.42
|
|
0.35
|
|
0.33
|
|
0.47
|
|
8
|
|
3
|
|
0.50
|
|
0.47
|
|
3
|
Nonperforming asset
rate(4)
|
|
0.56
|
|
0.47
|
|
0.40
|
|
0.39
|
|
0.54
|
|
9
|
|
2
|
|
0.56
|
|
0.54
|
|
2
|
Auto—At
origination FICO scores:(11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater than
660
|
|
50%
|
|
49%
|
|
48%
|
|
47%
|
|
46%
|
|
1%
|
|
4%
|
|
50%
|
|
46%
|
|
4%
|
621 - 660
|
|
20
|
|
20
|
|
20
|
|
20
|
|
20
|
|
—
|
|
—
|
|
20
|
|
20
|
|
—
|
620 or below
|
|
30
|
|
31
|
|
32
|
|
33
|
|
34
|
|
(1)
|
|
(4)
|
|
30
|
|
34
|
|
(4)
|
Total
|
|
100%
|
|
100%
|
|
100%
|
|
100%
|
|
100%
|
|
|
|
|
|
100%
|
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 12:
Financial & Statistical Summary—Commercial Banking
Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Q4
vs
|
|
Year Ended
December 31,
|
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
2021
vs
|
(Dollars in
millions, except as noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2021
|
|
2020
|
|
2020
|
Commercial
Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
595
|
|
$
578
|
|
$
460
|
|
$
520
|
|
$
522
|
|
3%
|
|
14%
|
|
$
2,153
|
|
$
2,048
|
|
5
|
Non-interest
income
|
|
345
|
|
306
|
|
257
|
|
240
|
|
268
|
|
13
|
|
29
|
|
1,148
|
|
923
|
|
24
|
Total net
revenue(6)
|
|
940
|
|
884
|
|
717
|
|
760
|
|
790
|
|
6
|
|
19
|
|
3,301
|
|
2,971
|
|
11
|
Provision (benefit) for
credit losses
|
|
(44)
|
|
(53)
|
|
(219)
|
|
(203)
|
|
(28)
|
|
(17)
|
|
57
|
|
(519)
|
|
1,181
|
|
**
|
Non-interest
expense
|
|
520
|
|
459
|
|
417
|
|
419
|
|
445
|
|
13
|
|
17
|
|
1,815
|
|
1,706
|
|
6
|
Income from continuing
operations before income taxes
|
|
464
|
|
478
|
|
519
|
|
544
|
|
373
|
|
(3)
|
|
24
|
|
2,005
|
|
84
|
|
**
|
Income tax
provision
|
|
109
|
|
113
|
|
123
|
|
128
|
|
88
|
|
(4)
|
|
24
|
|
473
|
|
19
|
|
**
|
Income from continuing
operations, net of tax
|
|
$
355
|
|
$
365
|
|
$
396
|
|
$
416
|
|
$
285
|
|
(3)
|
|
25
|
|
$
1,532
|
|
$
65
|
|
**
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
84,922
|
|
$
79,248
|
|
$
73,821
|
|
$
73,802
|
|
$
75,780
|
|
7
|
|
12
|
|
$
84,922
|
|
$ 75,780
|
|
12
|
Average loans held for
investment
|
|
81,127
|
|
75,059
|
|
74,084
|
|
74,169
|
|
75,320
|
|
8
|
|
8
|
|
76,126
|
|
76,954
|
|
(1)
|
Average yield on loans
held for investment(6)(7)
|
|
2.71%
|
|
2.77%
|
|
2.72%
|
|
2.76%
|
|
2.83%
|
|
(6) bps
|
|
(12) bps
|
|
2.74%
|
|
3.13%
|
|
(39)
bps
|
Period-end
deposits
|
|
$
44,809
|
|
$
43,347
|
|
$
42,973
|
|
$
41,552
|
|
$
39,590
|
|
3%
|
|
13%
|
|
$
44,809
|
|
$ 39,590
|
|
13%
|
Average
deposits
|
|
44,206
|
|
42,729
|
|
42,311
|
|
40,107
|
|
38,676
|
|
3
|
|
14
|
|
42,350
|
|
35,468
|
|
19
|
Average deposits
interest rate
|
|
0.12%
|
|
0.15%
|
|
0.14%
|
|
0.18%
|
|
0.23%
|
|
(3) bps
|
|
(11)
bps
|
|
0.14%
|
|
0.40%
|
|
(26)
bps
|
Net charge-off
(recovery) rate
|
|
(0.02)
|
|
0.05
|
|
(0.11)
|
|
0.09
|
|
0.45
|
|
**
|
|
**
|
|
—
|
|
0.49
|
|
**
|
Nonperforming loan
rate(3)
|
|
0.82
|
|
0.76
|
|
1.03
|
|
0.92
|
|
0.86
|
|
6
|
|
(4)
|
|
0.82
|
|
0.86
|
|
(4)
|
Nonperforming asset
rate(4)
|
|
0.82
|
|
0.76
|
|
1.03
|
|
0.92
|
|
0.86
|
|
6
|
|
(4)
|
|
0.82
|
|
0.86
|
|
(4)
|
Risk
category:(12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncriticized
|
|
$
79,014
|
|
$
73,218
|
|
$
67,481
|
|
$
66,299
|
|
$
67,964
|
|
8%
|
|
16%
|
|
$
79,014
|
|
$ 67,964
|
|
16%
|
Criticized
performing
|
|
5,209
|
|
5,429
|
|
5,581
|
|
6,821
|
|
7,166
|
|
(4)
|
|
(27)
|
|
5,209
|
|
7,166
|
|
(27)
|
Criticized
nonperforming
|
|
699
|
|
601
|
|
759
|
|
682
|
|
650
|
|
16
|
|
8
|
|
699
|
|
650
|
|
8
|
Total commercial
banking loans
|
|
$
84,922
|
|
$
79,248
|
|
$
73,821
|
|
$
73,802
|
|
$
75,780
|
|
7
|
|
12
|
|
$
84,922
|
|
$ 75,780
|
|
12
|
Risk category as a
percentage of period-end loans held for
investment:(12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncriticized
|
|
93.1%
|
|
92.3%
|
|
91.4%
|
|
89.9%
|
|
89.6%
|
|
80
bps
|
|
350 bps
|
|
93.1%
|
|
89.6%
|
|
350 bps
|
Criticized
performing
|
|
6.1
|
|
6.9
|
|
7.6
|
|
9.2
|
|
9.5
|
|
(80)
|
|
(340)
|
|
6.1
|
|
9.5
|
|
(340)
|
Criticized
nonperforming
|
|
0.8
|
|
0.8
|
|
1.0
|
|
0.9
|
|
0.9
|
|
—
|
|
(10)
|
|
0.8
|
|
0.9
|
|
(10)
|
Total commercial
banking loans
|
|
100.0%
|
|
100.0%
|
|
100.0%
|
|
100.0%
|
|
100.0%
|
|
|
|
|
|
100.0%
|
|
100.0%
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 13:
Financial & Statistical Summary—Other and Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2021 Q4
vs
|
|
Year Ended
December 31,
|
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
2021
vs
|
(Dollars in
millions)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q4
|
|
2021
|
|
2020
|
|
2020
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
loss
|
|
$
(168)
|
|
$
(201)
|
|
$
(35)
|
|
$
(100)
|
|
$
(74)
|
|
(16)%
|
|
127%
|
|
$
(504)
|
|
$
(149)
|
|
**
|
Non-interest income
(loss)
|
|
(80)
|
|
(22)
|
|
(23)
|
|
(119)
|
|
6
|
|
**
|
|
**
|
|
(244)
|
|
398
|
|
**
|
Total net revenue
(loss)(6)
|
|
(248)
|
|
(223)
|
|
(58)
|
|
(219)
|
|
(68)
|
|
11
|
|
**
|
|
(748)
|
|
249
|
|
**
|
Provision (benefit) for
credit losses
|
|
—
|
|
—
|
|
—
|
|
(2)
|
|
1
|
|
—
|
|
**
|
|
(2)
|
|
3
|
|
**
|
Non-interest
expense(13)
|
|
74
|
|
117
|
|
163
|
|
69
|
|
132
|
|
(37)
|
|
(44)
|
|
423
|
|
700
|
|
(40)%
|
Loss from continuing
operations before income taxes
|
|
(322)
|
|
(340)
|
|
(221)
|
|
(286)
|
|
(201)
|
|
(5)
|
|
60
|
|
(1,169)
|
|
(454)
|
|
157
|
Income tax
benefit
|
|
(166)
|
|
(140)
|
|
(101)
|
|
(190)
|
|
(276)
|
|
19
|
|
(40)
|
|
(597)
|
|
(378)
|
|
58
|
Income (loss) from
continuing operations, net of tax
|
|
$
(156)
|
|
$
(200)
|
|
$
(120)
|
|
$
(96)
|
|
$
75
|
|
(22)
|
|
**
|
|
$
(572)
|
|
$
(76)
|
|
**
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end
deposits
|
|
$
9,764
|
|
$
10,204
|
|
$
12,180
|
|
$
14,775
|
|
$
16,037
|
|
(4)
|
|
(39)
|
|
$
9,764
|
|
$
16,037
|
|
(39)
|
Average
deposits
|
|
9,694
|
|
10,999
|
|
13,418
|
|
15,450
|
|
16,418
|
|
(12)
|
|
(41)
|
|
12,371
|
|
18,998
|
|
(35)
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
6,450
|
|
$
6,156
|
|
$
5,743
|
|
$
5,822
|
|
$
5,873
|
|
5%
|
|
10%
|
|
$
24,171
|
|
$
22,913
|
|
5%
|
Non-interest
income
|
|
1,668
|
|
1,674
|
|
1,631
|
|
1,291
|
|
1,464
|
|
—
|
|
14
|
|
6,264
|
|
5,610
|
|
12
|
Total net
revenue
|
|
8,118
|
|
7,830
|
|
7,374
|
|
7,113
|
|
7,337
|
|
4
|
|
11
|
|
30,435
|
|
28,523
|
|
7
|
Provision (benefit) for
credit losses
|
|
381
|
|
(342)
|
|
(1,160)
|
|
(823)
|
|
264
|
|
**
|
|
44
|
|
(1,944)
|
|
10,264
|
|
**
|
Non-interest
expense
|
|
4,678
|
|
4,186
|
|
3,966
|
|
3,740
|
|
4,009
|
|
12
|
|
17
|
|
16,570
|
|
15,056
|
|
10
|
Income from continuing
operations before income taxes
|
|
3,059
|
|
3,986
|
|
4,568
|
|
4,196
|
|
3,064
|
|
(23)
|
|
—
|
|
15,809
|
|
3,203
|
|
**
|
Income tax
provision
|
|
633
|
|
882
|
|
1,031
|
|
869
|
|
496
|
|
(28)
|
|
28
|
|
3,415
|
|
486
|
|
**
|
Income from continuing
operations, net of tax
|
|
$
2,426
|
|
$
3,104
|
|
$
3,537
|
|
$
3,327
|
|
$
2,568
|
|
(22)
|
|
(6)
|
|
$
12,394
|
|
$
2,717
|
|
**
|
Selected
performance metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
277,340
|
|
$
261,390
|
|
$
249,597
|
|
$
243,131
|
|
$
251,624
|
|
6
|
|
10
|
|
$
277,340
|
|
$
251,624
|
|
10
|
Average loans held for
investment
|
|
267,159
|
|
253,101
|
|
246,463
|
|
243,937
|
|
247,689
|
|
6
|
|
8
|
|
252,730
|
|
253,335
|
|
—
|
Period-end
deposits
|
|
310,980
|
|
305,938
|
|
306,308
|
|
310,328
|
|
305,442
|
|
2
|
|
2
|
|
310,980
|
|
305,442
|
|
2
|
Average
deposits
|
|
307,272
|
|
305,035
|
|
308,217
|
|
305,056
|
|
304,513
|
|
1
|
|
1
|
|
306,397
|
|
290,835
|
|
5
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 14: Notes to
Net Interest Margin, Loan, Allowance and Business Segment
Disclosures (Tables 6—13)
|
|
|
(1)
|
We reclassified
$2.1 billion in partnership loans to held for sale as of
September 30, 2020.
|
(2)
|
We reclassified
$2.6 billion in international partnership loans to held for
sale as of June 30, 2021.
|
(3)
|
Nonperforming loan
rates are calculated based on nonperforming loans for each category
divided by period-end total loans held for investment for each
respective category.
|
(4)
|
Nonperforming assets
consist of nonperforming loans, repossessed assets and other
foreclosed assets. The total nonperforming asset rate is calculated
based on total nonperforming assets divided by the combined
period-end total loans held for investment, repossessed assets and
other foreclosed assets.
|
(5)
|
Primarily represents
foreign currency translation adjustments.
|
(6)
|
Some of our
commercial investments generate tax-exempt income, tax credits or
other tax benefits. Accordingly, we present our Commercial Banking
revenue and yields on a taxable-equivalent basis, calculated using
the federal statutory tax rate of 21% and state taxes where
applicable, with offsetting reductions to the Other
category.
|
(7)
|
Average yield is
calculated based on annualized interest income for the period
divided by average loans during the period. Annualized interest
income does not include any allocations, such as funds transfer
pricing.
|
(8)
|
Total net revenue
margin is calculated based on annualized total net revenue for the
period divided by average loans outstanding during the
period.
|
(9)
|
Purchase volume
consists of purchase transactions, net of returns, for the period,
and excludes cash advance and balance transfer
transactions.
|
(10)
|
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.
|
(11)
|
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.
|
(12)
|
Criticized exposures
correspond to the "Special Mention," "Substandard" and "Doubtful"
asset categories defined by bank regulatory authorities.
|
(13)
|
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,
2021
|
|
September
30,
2021
|
|
June
30,
2021
|
|
March
31,
2021
|
|
December
31,
2020
|
Regulatory Capital
Metrics
|
|
|
|
|
|
|
|
|
|
|
Common equity
excluding AOCI
|
|
$
58,206
|
|
$
58,705
|
|
$
58,969
|
|
$
57,607
|
|
$
55,299
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
AOCI, net of
tax(2)
|
|
(23)
|
|
(33)
|
|
(5)
|
|
(13)
|
|
(29)
|
Goodwill, net of
related deferred tax liabilities
|
|
(14,562)
|
|
(14,435)
|
|
(14,440)
|
|
(14,444)
|
|
(14,448)
|
Intangible assets, net
of related deferred tax liabilities
|
|
(108)
|
|
(84)
|
|
(76)
|
|
(81)
|
|
(86)
|
Other
|
|
(12)
|
|
(15)
|
|
(16)
|
|
(18)
|
|
—
|
Common equity Tier 1
capital
|
|
$
43,501
|
|
$
44,138
|
|
$
44,432
|
|
$
43,051
|
|
$
40,736
|
Tier 1
capital
|
|
$
48,346
|
|
$
50,049
|
|
$
50,920
|
|
$
47,898
|
|
$
45,583
|
Total
capital(3)
|
|
56,089
|
|
57,851
|
|
57,932
|
|
54,780
|
|
52,788
|
Risk-weighted
assets
|
|
332,684
|
|
318,729
|
|
307,334
|
|
295,209
|
|
297,903
|
Adjusted average
assets(4)
|
|
415,141
|
|
411,216
|
|
411,032
|
|
408,596
|
|
406,762
|
Capital
Ratios
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1
capital(5)
|
|
13.1%
|
|
13.8%
|
|
14.5%
|
|
14.6%
|
|
13.7%
|
Tier 1
capital(6)
|
|
14.5
|
|
15.7
|
|
16.6
|
|
16.2
|
|
15.3
|
Total
capital(7)
|
|
16.9
|
|
18.2
|
|
18.8
|
|
18.6
|
|
17.7
|
Tier 1
leverage(4)
|
|
11.6
|
|
12.2
|
|
12.4
|
|
11.7
|
|
11.2
|
Tangible common
equity ("TCE")(8)
|
|
9.9
|
|
10.4
|
|
10.6
|
|
10.1
|
|
10.0
|
|
|
Reconciliation of
Non-GAAP Measures
|
|
The following
non-GAAP measures consist of our adjusted results that we believe
help investors and users of our financial information understand
the effect of adjusting items on our selected reported results.
These adjusted results provide alternate measurements of our
operating performance, both for the current period and trends
across multiple periods. The following tables present
reconciliations of these non-GAAP measures to the applicable
amounts measured in accordance with GAAP
|
|
|
|
2021
|
2020
|
|
Year Ended
December 31,
|
(Dollars in
millions, except per share data and as
noted)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
2021
|
|
2020
|
Adjusted diluted
EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
available to
common stockholders
(GAAP)
|
|
$
2,296
|
|
$
2,987
|
|
$
3,446
|
|
$
3,236
|
|
$
2,462
|
|
$
2,319
|
|
$
(1,009)
|
|
$
(1,420)
|
|
$
11,965
|
|
$
2,375
|
Legal reserve
activity, including insurance
recoveries
|
|
—
|
|
45
|
|
55
|
|
—
|
|
(37)
|
|
40
|
|
265
|
|
45
|
|
100
|
|
313
|
U.K. Payment
Protection Insurance customer
refund reserve ("U.K. PPI Reserve")
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(36)
|
|
—
|
|
—
|
|
—
|
|
(36)
|
Cybersecurity Incident
expenses, net of
insurance
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6
|
|
6
|
|
11
|
|
4
|
|
—
|
|
27
|
Adjusted net income
(loss) available to common
stockholders before income tax impacts (non-GAAP)
|
|
2,296
|
|
3,032
|
|
3,501
|
|
3,236
|
|
2,431
|
|
2,329
|
|
(733)
|
|
(1,371)
|
|
12,065
|
|
2,679
|
Income tax
impacts
|
|
—
|
|
(11)
|
|
(13)
|
|
—
|
|
5
|
|
(12)
|
|
(3)
|
|
(12)
|
|
(24)
|
|
(22)
|
Dividends and
undistributed earnings allocated
to participating securities(10)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2)
|
Adjusted net income
(loss) available to
common stockholders
(non-GAAP)
|
|
$
2,296
|
|
$
3,021
|
|
$
3,488
|
|
$
3,236
|
|
$
2,436
|
|
$
2,317
|
|
$
(736)
|
|
$
(1,383)
|
|
$
12,041
|
|
$
2,655
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
weighted-average common shares
outstanding (in
millions) (GAAP)
|
|
424.3
|
|
440.5
|
|
452.3
|
|
460.1
|
|
460.2
|
|
458.5
|
|
456.7
|
|
457.6
|
|
444.2
|
|
458.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
(GAAP)
|
|
$
5.41
|
|
$
6.78
|
|
$
7.62
|
|
$
7.03
|
|
$
5.35
|
|
$
5.06
|
|
$
(2.21)
|
|
$
(3.10)
|
|
$
26.94
|
|
$
5.18
|
Impact of adjustments
noted above
|
|
—
|
|
0.08
|
|
0.09
|
|
—
|
|
(0.06)
|
|
(0.01)
|
|
0.60
|
|
0.08
|
|
0.17
|
|
0.61
|
Adjusted diluted
EPS (non-GAAP)
|
|
$
5.41
|
|
$
6.86
|
|
$
7.71
|
|
$
7.03
|
|
$
5.29
|
|
$
5.05
|
|
$
(1.61)
|
|
$
(3.02)
|
|
$
27.11
|
|
$
5.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
efficiency ratio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
(GAAP)
|
|
$
4,678
|
|
$
4,186
|
|
$
3,966
|
|
$
3,740
|
|
$
4,009
|
|
$
3,548
|
|
$
3,770
|
|
$
3,729
|
|
$
16,570
|
|
$
15,056
|
Legal reserve activity,
including insurance
recoveries
|
|
—
|
|
(45)
|
|
(55)
|
|
—
|
|
37
|
|
(40)
|
|
(265)
|
|
(45)
|
|
(100)
|
|
(313)
|
Cybersecurity Incident
expenses, net
of
insurance
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(6)
|
|
(6)
|
|
(11)
|
|
(4)
|
|
—
|
|
(27)
|
Adjusted non-interest
expense (non-GAAP)
|
|
$
4,678
|
|
$
4,141
|
|
$
3,911
|
|
$
3,740
|
|
$
4,040
|
|
$
3,502
|
|
$
3,494
|
|
$
3,680
|
|
$
16,470
|
|
$
14,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenue
(GAAP)
|
|
$
8,118
|
|
$
7,830
|
|
$
7,374
|
|
$
7,113
|
|
$
7,337
|
|
$
7,381
|
|
$
6,556
|
|
$
7,249
|
|
$
30,435
|
|
$
28,523
|
U.K. PPI
Reserve
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(36)
|
|
—
|
|
—
|
|
—
|
|
(36)
|
Adjusted net revenue
(non-GAAP)
|
|
$
8,118
|
|
$
7,830
|
|
$
7,374
|
|
$
7,113
|
|
$
7,337
|
|
$
7,345
|
|
$
6,556
|
|
$
7,249
|
|
$
30,435
|
|
$
28,487
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(GAAP)
|
|
57.63%
|
|
53.46%
|
|
53.78%
|
|
52.58%
|
|
54.64%
|
|
48.07%
|
|
57.50%
|
|
51.44%
|
|
54.44%
|
|
52.79%
|
Impact of adjustments
noted above
|
|
—
bps
|
|
(57)
bps
|
|
(74)
bps
|
|
—
bps
|
|
42
bps
|
|
(39)
bps
|
|
(421) bps
|
|
(67)bps
|
|
(32) bps
|
|
(113) bps
|
Adjusted
efficiency ratio (non-GAAP)
|
|
57.63%
|
|
52.89%
|
|
53.04%
|
|
52.58%
|
|
55.06%
|
|
47.68%
|
|
53.29%
|
|
50.77%
|
|
54.12%
|
|
51.66%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
efficiency ratio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expense
(GAAP)
|
|
$
3,679
|
|
$
3,435
|
|
$
3,346
|
|
$
3,239
|
|
$
3,446
|
|
$
3,265
|
|
$
3,497
|
|
$
3,238
|
|
$
13,699
|
|
$
13,446
|
Legal reserve activity,
including
insurance
recoveries
|
|
—
|
|
(45)
|
|
(55)
|
|
—
|
|
37
|
|
(40)
|
|
(265)
|
|
(45)
|
|
(100)
|
|
(313)
|
Cybersecurity Incident
expenses, net
of insurance
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(6)
|
|
(6)
|
|
(11)
|
|
(4)
|
|
—
|
|
(27)
|
Adjusted operating
expense (non-GAAP)
|
|
$
3,679
|
|
$
3,390
|
|
$
3,291
|
|
$
3,239
|
|
$
3,477
|
|
$
3,219
|
|
$
3,221
|
|
$
3,189
|
|
$
13,599
|
|
$
13,106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenue
(GAAP)
|
|
$
8,118
|
|
$
7,830
|
|
$
7,374
|
|
$
7,113
|
|
$
7,337
|
|
$
7,381
|
|
$
6,556
|
|
$
7,249
|
|
$
30,435
|
|
$
28,523
|
U.K. PPI
Reserve
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(36)
|
|
—
|
|
—
|
|
—
|
|
(36)
|
Adjusted net revenue
(non-GAAP)
|
|
$
8,118
|
|
$
7,830
|
|
$
7,374
|
|
$
7,113
|
|
$
7,337
|
|
$
7,345
|
|
$
6,556
|
|
$
7,249
|
|
$
30,435
|
|
$
28,487
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating efficiency
ratio (GAAP)
|
|
45.32%
|
|
43.87%
|
|
45.38%
|
|
45.54%
|
|
46.97%
|
|
44.24 %
|
|
53.34%
|
|
44.67%
|
|
45.01%
|
|
47.14%
|
Impact of adjustments
noted above
|
|
— bps
|
|
(57)
bps
|
|
(75)
bps
|
|
— bps
|
|
42 bps
|
|
(41)
bps
|
|
(421) bps
|
|
(68)bps
|
|
(33) bps
|
|
(113) bps
|
Adjusted operating
efficiency ratio
(non-GAAP)
|
|
45.32%
|
|
43.30%
|
|
44.63%
|
|
45.54%
|
|
47.39%
|
|
43.83%
|
|
49.13%
|
|
43.99%
|
|
44.68%
|
|
46.01%
|
|
|
Reconciliation of
Non-GAAP Measures
|
|
The following
non-GAAP measures consist of TCE, tangible assets and metrics
computed using these amounts, which include tangible book value per
common share, return on average tangible assets, return on average
TCE and TCE ratio. We consider these metrics to be key financial
performance measures that management uses in assessing capital
adequacy and the level of returns generated. While our non-GAAP
measures are widely used by investors, analysts and bank regulatory
agencies to assess the capital position of financial services
companies, they may not be comparable to similarly-titled measures
reported by other companies. The following tables present
reconciliations of these non-GAAP measures to the applicable
amounts measured in accordance with GAAP
|
|
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
(Dollars in
millions)
|
|
Q4
|
|
Q3
|
|
Q2
|
|
Q1
|
|
Q4
|
Tangible Common
Equity (Period-End)
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
$
61,029
|
|
$
63,544
|
|
$
64,624
|
|
$
61,188
|
|
$
60,204
|
Goodwill and
intangible assets(9)
|
|
(14,907)
|
|
(14,766)
|
|
(14,774)
|
|
(14,789)
|
|
(14,809)
|
Noncumulative perpetual
preferred stock
|
|
(4,845)
|
|
(5,912)
|
|
(6,488)
|
|
(4,847)
|
|
(4,847)
|
Tangible common
equity
|
|
$
41,277
|
|
$
42,866
|
|
$
43,362
|
|
$
41,552
|
|
$
40,548
|
Tangible Common
Equity (Average)
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
$
62,498
|
|
$
64,682
|
|
$
62,376
|
|
$
60,623
|
|
$
59,389
|
Goodwill and
intangible assets(9)
|
|
(14,847)
|
|
(14,777)
|
|
(14,788)
|
|
(14,807)
|
|
(14,824)
|
Noncumulative perpetual
preferred stock
|
|
(5,552)
|
|
(6,452)
|
|
(5,491)
|
|
(4,847)
|
|
(5,168)
|
Tangible common
equity
|
|
$
42,099
|
|
$
43,453
|
|
$
42,097
|
|
$
40,969
|
|
$
39,397
|
Tangible Assets
(Period-End)
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
432,381
|
|
$
425,377
|
|
$
423,420
|
|
$
425,175
|
|
$
421,602
|
Goodwill and
intangible assets(9)
|
|
(14,907)
|
|
(14,766)
|
|
(14,774)
|
|
(14,789)
|
|
(14,809)
|
Tangible
assets
|
|
$
417,474
|
|
$
410,611
|
|
$
408,646
|
|
$
410,386
|
|
$
406,793
|
Tangible Assets
(Average)
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
427,845
|
|
$
424,506
|
|
$
424,099
|
|
$
421,808
|
|
$
420,011
|
Goodwill and
intangible assets(9)
|
|
(14,847)
|
|
(14,777)
|
|
(14,788)
|
|
(14,807)
|
|
(14,824)
|
Tangible
assets
|
|
$
412,998
|
|
$
409,729
|
|
$
409,311
|
|
$
407,001
|
|
$
405,187
|
__________
|
(1)
|
Regulatory capital
metrics and capital ratios as of December 31, 2021 are preliminary
and therefore subject to change.
|
(2)
|
Excludes certain
components of AOCI as permitted under the Tailoring
Rules.
|
(3)
|
Total capital equals
the sum of Tier 1 capital and Tier 2 capital.
|
(4)
|
Adjusted average
assets for the purpose of calculating our Tier 1 leverage ratio
represents total average assets adjusted for amounts that are
deducted from Tier 1 capital, predominately goodwill and intangible
assets. Tier 1 leverage ratio is a regulatory capital measure
calculated based on Tier 1 capital divided by adjusted average
assets.
|
(5)
|
Common equity Tier 1
capital ratio is a regulatory capital measure calculated based on
common equity Tier 1 capital divided by risk-weighted
assets.
|
(6)
|
Tier 1 capital ratio
is a regulatory capital measure calculated based on Tier 1 capital
divided by risk-weighted assets.
|
(7)
|
Total capital ratio
is a regulatory capital measure calculated based on total capital
divided by risk-weighted assets.
|
(8)
|
TCE ratio is a
non-GAAP measure calculated based on TCE divided by tangible
assets.
|
(9)
|
Includes impact of
related deferred taxes.
|
(10)
|
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.
|
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SOURCE Capital One Financial Corporation