Net of adjusting items, Fourth Quarter 2022
Net Income of $2.82 per
share(1)
MCLEAN,
Va., Jan. 24, 2023 /PRNewswire/ --
Capital One Financial Corporation (NYSE: COF) today announced net
income for the fourth quarter of 2022 of $1.2 billion, or $3.03 per diluted common share, compared with net
income of $1.7 billion, or
$4.20 per diluted common share in the
third quarter of 2022, and with net income of $2.4 billion, or $5.41 per diluted common share in the fourth
quarter of 2021. Adjusted net income(1) for the Fourth
Quarter of 2022 was $2.82 per diluted
common share.
"We posted strong top line growth throughout
2022," said Richard D. Fairbank,
Founder, Chairman, and Chief Executive Officer. "As a result of our
investments to transform our technology and to drive resilient
growth, we're in a strong position to deliver compelling long-term
shareholder value and thrive in a broad range of possible economic
scenarios."
The quarter included the following adjusting
items that increase/(decrease) earnings:
(Dollars in millions, except per share
data)
|
Pre-Tax
Impact
|
After-Tax
Diluted EPS
Impact
|
|
|
Insurance recoveries
and legal reserve activity
|
$
(177)
|
$
(0.35)
|
|
Restructuring
Charges
|
$
72
|
$
0.14
|
|
All comparisons below are for the fourth quarter
of 2022 compared with the third quarter of 2022 unless otherwise
noted.
(1) This is
a non-GAAP measure. We believe non-GAAP measures help investors and
users of our financial information understand the effect of
adjusting items on our selected reported results and provide
alternate measurements of our performance, both in the current
period and across periods. See Table 15 in Exhibit 99.2 for a
reconciliation of our selected reported results to these non-GAAP
measures.
|
Fourth Quarter 2022 Income Statement
Summary:
- Total net revenue increased 3 percent to $9.0 billion.
- Total non-interest expense increased 3 percent to $5.1 billion:
-
- 14 percent increase in marketing.
- less than 1 percent decrease in operating expenses.
- Pre-provision earnings(1) increased 3 percent to
$4.0 billion.
- Provision for credit losses increased $747 million to $2.4
billion:
-
- Net charge-offs of $1.4
billion.
- $1.0 billion loan reserve
build.
- Net interest margin of 6.84 percent, an increase of 4 basis
points.
- Efficiency ratio of 56.19 percent.
-
- Adjusted efficiency ratio(2) of 57.36 percent.
- Operating efficiency ratio of 43.83 percent.
-
- Adjusted operating efficiency ratio(2) of 44.99
percent.
Fourth Quarter 2022 Balance Sheet
Summary:
- Common equity Tier 1 capital ratio under Basel III Standardized
Approach of 12.5 percent at December 31,
2022.
- Period-end loans held for investment in the quarter increased
$8.4 billion, or 3 percent, to
$312.3 billion.
-
- Credit Card period-end loans increased $10.8 billion, or 9 percent, to $137.7 billion.
-
- Domestic Card period-end loans increased $10.3 billion, or 8 percent, to $131.6 billion.
- Consumer Banking period-end loans decreased $1.3 billion, or 2 percent, to $79.9 billion.
-
- Auto period-end loans decreased $1.2
billion, or 2 percent, to $78.4
billion.
- Commercial Banking period-end loans decreased $1.2 billion, or 1 percent, to $94.7 billion.
- Average loans held for investment in the quarter increased
$6.7 billion, or 2 percent, to
$306.9 billion.
-
- Credit Card average loans increased $7.3
billion, or 6 percent, to $130.7
billion.
-
- Domestic Card average loans increased $7.3 billion, or 6 percent, to $124.8 billion.
- Consumer Banking average loans decreased $639 million, or 1 percent, to $80.7 billion.
-
- Auto average loans decreased $633
million, or 1 percent, to $79.1
billion.
- Commercial Banking average loans increased $39 million, or less than 1 percent, to
$95.5 billion.
- Period-end total deposits increased $15.8 billion, or 5 percent, to $333.0 billion, while average deposits increased
$14.6 billion, or 5 percent, to
$326.6 billion.
- Interest-bearing deposits rate paid increased 82 basis points
to 1.82 percent.
2022 Full Year Income Statement
Summary:
- Total net revenue increased 13% to $34.3
billion.
- Total non-interest expense increased 16 percent to $19.2 billion:
-
- 40 percent increase in marketing.
- 11 percent increase in operating expenses.
- Pre-provision earnings(1) increased 9 percent to
$15.1 billion.
- Provision for credit losses increased $7.8 billion to $5.8
billion.
- Net interest margin of 6.67 percent, an increase of 46 basis
points.
- Efficiency ratio of 55.95 percent.
-
- Adjusted efficiency ratio(2) of 56.26 percent.
- Operating efficiency ratio of 44.22 percent.
-
- Adjusted operating efficiency ratio(2) of 44.53
percent.
|
(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) This is
a non-GAAP measure. We believe non-GAAP measures help investors and
users of our financial information understand the effect of
adjusting items on our selected reported results and provide
alternate measurements of our performance, both in the current
period and across periods. See Table 15 in Exhibit 99.2 for a
reconciliation of our selected reported results to these non-GAAP
measures.
|
|
Earnings Conference Call Webcast Information
The company will hold an earnings conference call
on January 24, 2023 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 7, 2023 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, 2021.
About Capital One
Capital One Financial Corporation
(www.capitalone.com) is a financial holding company which, along
with its subsidiaries, had $333.0
billion in deposits and $455.2
billion in total assets as of December 31, 2022. Headquartered in McLean, Virginia, Capital One offers a broad
spectrum of financial products and services to consumers, small
businesses and commercial clients through a variety of channels.
Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New
Jersey and the District of
Columbia. A Fortune 500 company, Capital One trades on the
New York Stock Exchange under the symbol "COF" and is included in
the S&P 100 index.
|
Exhibit
99.2
|
|
Capital One
Financial Corporation
Financial
Supplement(1)(2)
Fourth
Quarter 2022
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, 2022 once it is filed with the Securities and Exchange
Commission.
|
(2)
|
This Financial
Supplement includes non-GAAP measures. We believe these non-GAAP
measures are useful to investors and users of our financial
information as they provide an alternate measurement of our
performance and assist in assessing our capital adequacy and the
level of return generated. These non-GAAP measures should not be
viewed as a substitute for reported results determined in
accordance with generally accepted accounting principles in the
U.S. ("GAAP"), nor are they necessarily comparable to non-GAAP
measures that may be presented by other companies. See "Table 15 -
Calculation of Regulatory Capital Measures and Reconciliation of
Non-GAAP Measures" for a reconciliation of any non-GAAP financial
measures.
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 1: Financial
Summary—Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Q4
vs
|
|
Year Ended December
31,
|
(Dollars in
millions, except per share data and as noted)
|
|
2022
Q4
|
|
2022
Q3
|
|
2022
Q2
|
|
2022
Q1
|
|
2021
Q4
|
|
2022
Q3
|
|
2021
Q4
|
|
2022
|
|
2021
|
|
2022
vs.
2021
|
Income
Statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
7,197
|
|
$
7,003
|
|
$
6,517
|
|
$
6,397
|
|
$
6,450
|
|
3 %
|
|
12 %
|
|
$
27,114
|
|
$
24,171
|
|
12 %
|
Non-interest
income
|
|
1,843
|
|
1,802
|
|
1,715
|
|
1,776
|
|
1,668
|
|
2
|
|
10
|
|
7,136
|
|
6,264
|
|
14
|
Total net
revenue(1)
|
|
9,040
|
|
8,805
|
|
8,232
|
|
8,173
|
|
8,118
|
|
3
|
|
11
|
|
34,250
|
|
30,435
|
|
13
|
Provision (benefit) for
credit losses
|
|
2,416
|
|
1,669
|
|
1,085
|
|
677
|
|
381
|
|
45
|
|
**
|
|
5,847
|
|
(1,944)
|
|
**
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing
|
|
1,118
|
|
978
|
|
1,003
|
|
918
|
|
999
|
|
14
|
|
12
|
|
4,017
|
|
2,871
|
|
40
|
Operating
expense
|
|
3,962
|
|
3,971
|
|
3,580
|
|
3,633
|
|
3,679
|
|
—
|
|
8
|
|
15,146
|
|
13,699
|
|
11
|
Total non-interest
expense
|
|
5,080
|
|
4,949
|
|
4,583
|
|
4,551
|
|
4,678
|
|
3
|
|
9
|
|
19,163
|
|
16,570
|
|
16
|
Income from continuing
operations before income taxes
|
|
1,544
|
|
2,187
|
|
2,564
|
|
2,945
|
|
3,059
|
|
(29)
|
|
(50)
|
|
9,240
|
|
15,809
|
|
(42)
|
Income tax
provision
|
|
312
|
|
493
|
|
533
|
|
542
|
|
633
|
|
(37)
|
|
(51)
|
|
1,880
|
|
3,415
|
|
(45)
|
Income from continuing
operations, net of tax
|
|
1,232
|
|
1,694
|
|
2,031
|
|
2,403
|
|
2,426
|
|
(27)
|
|
(49)
|
|
7,360
|
|
12,394
|
|
(41)
|
Income (loss) from
discontinued operations, net of tax
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1)
|
|
—
|
|
**
|
|
—
|
|
(4)
|
|
**
|
Net income
|
|
1,232
|
|
1,694
|
|
2,031
|
|
2,403
|
|
2,425
|
|
(27)
|
|
(49)
|
|
7,360
|
|
12,390
|
|
(41)
|
Dividends and
undistributed earnings allocated to participating
securities(2)
|
|
(14)
|
|
(21)
|
|
(25)
|
|
(28)
|
|
(21)
|
|
(33)
|
|
(33)
|
|
(88)
|
|
(105)
|
|
(16)
|
Preferred stock
dividends
|
|
(57)
|
|
(57)
|
|
(57)
|
|
(57)
|
|
(74)
|
|
—
|
|
(23)
|
|
(228)
|
|
(274)
|
|
(17)
|
Issuance cost for
redeemed preferred stock(3)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(34)
|
|
—
|
|
**
|
|
—
|
|
(46)
|
|
**
|
Net income available to
common stockholders
|
|
$
1,161
|
|
$
1,616
|
|
$
1,949
|
|
$
2,318
|
|
$
2,296
|
|
(28)
|
|
(49)
|
|
$
7,044
|
|
$
11,965
|
|
(41)
|
Common Share
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share:(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
3.03
|
|
$ 4.21
|
|
$ 4.98
|
|
$ 5.65
|
|
$ 5.43
|
|
(28) %
|
|
(44) %
|
|
$
17.98
|
|
$ 27.05
|
|
(34) %
|
Income (loss) from
discontinued operations
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(0.01)
|
|
**
|
Net income per basic
common share
|
|
$
3.03
|
|
$ 4.21
|
|
$ 4.98
|
|
$ 5.65
|
|
$ 5.43
|
|
(28)
|
|
(44)
|
|
$
17.98
|
|
$ 27.04
|
|
(34)
|
Diluted earnings per
common share:(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
3.03
|
|
$ 4.20
|
|
$ 4.96
|
|
$ 5.62
|
|
$ 5.41
|
|
(28) %
|
|
(44) %
|
|
$
17.91
|
|
$ 26.95
|
|
(34) %
|
Income (loss) from
discontinued operations
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(0.01)
|
|
**
|
Net income per diluted
common share
|
|
$
3.03
|
|
$ 4.20
|
|
$ 4.96
|
|
$ 5.62
|
|
$ 5.41
|
|
(28)
|
|
(44)
|
|
$
17.91
|
|
$ 26.94
|
|
(34)
|
Weighted-average
common shares outstanding (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
382.6
|
|
383.4
|
|
391.2
|
|
410.4
|
|
422.5
|
|
—
|
|
(9) %
|
|
391.8
|
|
442.5
|
|
(11) %
|
Diluted
|
|
383.7
|
|
384.6
|
|
392.6
|
|
412.2
|
|
424.3
|
|
—
|
|
(10)
|
|
393.2
|
|
444.2
|
|
(11)
|
Common shares
outstanding (period-end, in millions)
|
|
381.3
|
|
382.0
|
|
383.8
|
|
399.0
|
|
413.9
|
|
—
|
|
(8)
|
|
381.3
|
|
413.9
|
|
(8)
|
Dividends declared and
paid per common share
|
|
$
0.60
|
|
$
0.60
|
|
$ 0.60
|
|
$ 0.60
|
|
$ 0.60
|
|
—
|
|
—
|
|
$
2.40
|
|
$
2.60
|
|
(8)
|
Tangible book value per
common share (period-end)(4)
|
|
86.11
|
|
81.38
|
|
87.84
|
|
91.77
|
|
99.74
|
|
6 %
|
|
(14)
|
|
86.11
|
|
99.74
|
|
(14)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Q4
vs
|
|
Year Ended December
31,
|
(Dollars in
millions)
|
|
2022
Q4
|
|
2022
Q3
|
|
2022
Q2
|
|
2022
Q1
|
|
2021
Q4
|
|
2022
Q3
|
|
2021
Q4
|
|
2022
|
|
2021
|
|
2022
vs.
2021
|
Balance Sheet
(Period-End)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
investment
|
|
$
312,331
|
|
$
303,943
|
|
$
296,384
|
|
$
280,466
|
|
$
277,340
|
|
3 %
|
|
13 %
|
|
$
312,331
|
|
$
277,340
|
|
13 %
|
Interest-earning
assets
|
|
427,248
|
|
415,262
|
|
406,565
|
|
398,241
|
|
397,341
|
|
3
|
|
8
|
|
427,248
|
|
397,341
|
|
8
|
Total assets
|
|
455,249
|
|
444,232
|
|
440,288
|
|
434,195
|
|
432,381
|
|
2
|
|
5
|
|
455,249
|
|
432,381
|
|
5
|
Interest-bearing
deposits
|
|
300,789
|
|
282,802
|
|
270,881
|
|
275,648
|
|
272,937
|
|
6
|
|
10
|
|
300,789
|
|
272,937
|
|
10
|
Total
deposits
|
|
332,992
|
|
317,193
|
|
307,885
|
|
313,429
|
|
310,980
|
|
5
|
|
7
|
|
332,992
|
|
310,980
|
|
7
|
Borrowings
|
|
48,715
|
|
54,607
|
|
58,938
|
|
45,358
|
|
43,086
|
|
(11)
|
|
13
|
|
48,715
|
|
43,086
|
|
13
|
Common
equity
|
|
47,737
|
|
46,015
|
|
48,564
|
|
51,499
|
|
56,184
|
|
4
|
|
(15)
|
|
47,737
|
|
56,184
|
|
(15)
|
Total stockholders'
equity
|
|
52,582
|
|
50,861
|
|
53,410
|
|
56,345
|
|
61,029
|
|
3
|
|
(14)
|
|
52,582
|
|
61,029
|
|
(14)
|
Balance Sheet
(Average Balances)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
investment
|
|
$
306,881
|
|
$
300,186
|
|
$
286,110
|
|
$
275,342
|
|
$
267,159
|
|
2 %
|
|
15 %
|
|
$
292,238
|
|
$
252,730
|
|
16 %
|
Interest-earning
assets
|
|
421,051
|
|
412,171
|
|
398,934
|
|
394,082
|
|
390,868
|
|
2
|
|
8
|
|
406,646
|
|
389,336
|
|
4
|
Total assets
|
|
449,659
|
|
447,088
|
|
435,327
|
|
430,372
|
|
427,845
|
|
1
|
|
5
|
|
440,538
|
|
424,521
|
|
4
|
Interest-bearing
deposits
|
|
292,793
|
|
275,900
|
|
268,104
|
|
271,823
|
|
269,951
|
|
6
|
|
8
|
|
277,208
|
|
271,500
|
|
2
|
Total
deposits
|
|
326,558
|
|
311,928
|
|
305,954
|
|
309,597
|
|
307,272
|
|
5
|
|
6
|
|
313,551
|
|
306,397
|
|
2
|
Borrowings
|
|
49,747
|
|
58,628
|
|
53,208
|
|
42,277
|
|
39,943
|
|
(15)
|
|
25
|
|
51,006
|
|
38,590
|
|
32
|
Common
equity
|
|
47,594
|
|
49,696
|
|
49,319
|
|
54,591
|
|
56,946
|
|
(4)
|
|
(16)
|
|
50,279
|
|
56,966
|
|
(12)
|
Total stockholders'
equity
|
|
52,439
|
|
54,541
|
|
54,165
|
|
59,437
|
|
62,498
|
|
(4)
|
|
(16)
|
|
55,125
|
|
62,556
|
|
(12)
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 2: Selected
Metrics—Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Q4
vs
|
|
Year Ended December
31,
|
(Dollars in
millions, except as noted)
|
|
2022
Q4
|
|
2022
Q3
|
|
2022
Q2
|
|
2022
Q1
|
|
2021
Q4
|
|
2022
Q3
|
|
2021
Q4
|
|
2022
|
|
2021
|
|
2022
vs.
2021
|
Performance
Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
growth (period over period)
|
|
3 %
|
|
7 %
|
|
2 %
|
|
(1 %)
|
|
5 %
|
|
**
|
|
**
|
|
12 %
|
|
5 %
|
|
**
|
Non-interest income
growth (period over period)
|
|
2
|
|
5
|
|
(3)
|
|
6
|
|
—
|
|
**
|
|
**
|
|
14
|
|
12
|
|
**
|
Total net revenue
growth (period over period)
|
|
3
|
|
7
|
|
1
|
|
1
|
|
4
|
|
**
|
|
**
|
|
13
|
|
7
|
|
**
|
Total net revenue
margin(5)
|
|
8.59
|
|
8.55
|
|
8.25
|
|
8.30
|
|
8.31
|
|
4 bps
|
|
28 bps
|
|
8.42
|
|
7.82
|
|
60 bps
|
Net interest
margin(6)
|
|
6.84
|
|
6.80
|
|
6.54
|
|
6.49
|
|
6.60
|
|
4
|
|
24
|
|
6.67
|
|
6.21
|
|
46
|
Return on average
assets
|
|
1.10
|
|
1.52
|
|
1.87
|
|
2.23
|
|
2.27
|
|
(42)
|
|
(117)
|
|
1.67
|
|
2.92
|
|
(125)
|
Return on average
tangible assets(7)
|
|
1.13
|
|
1.57
|
|
1.93
|
|
2.31
|
|
2.35
|
|
(44)
|
|
(122)
|
|
1.73
|
|
3.03
|
|
(130)
|
Return on average
common equity(8)
|
|
9.76
|
|
13.01
|
|
15.81
|
|
16.98
|
|
16.13
|
|
(325)
|
|
(6) %
|
|
14.01
|
|
21.01
|
|
(7) %
|
Return on average
tangible common equity(9)
|
|
14.22
|
|
18.59
|
|
22.63
|
|
23.36
|
|
21.82
|
|
(4) %
|
|
(8)
|
|
19.91
|
|
28.39
|
|
(8)
|
Efficiency
ratio(10)
|
|
56.19
|
|
56.21
|
|
55.67
|
|
55.68
|
|
57.63
|
|
(2) bps
|
|
(144) bps
|
|
55.95
|
|
54.44
|
|
151 bps
|
Operating efficiency
ratio(11)
|
|
43.83
|
|
45.10
|
|
43.49
|
|
44.45
|
|
45.32
|
|
(127)
|
|
(149)
|
|
44.22
|
|
45.01
|
|
(79)
|
Effective income tax
rate for continuing operations
|
|
20.2
|
|
22.5
|
|
20.8
|
|
18.4
|
|
20.7
|
|
(230)
|
|
(50)
|
|
20.3
|
|
21.6
|
|
(130)
|
Employees (period-end,
in thousands)
|
|
56.0
|
|
55.1
|
|
53.6
|
|
51.5
|
|
50.8
|
|
2 %
|
|
10 %
|
|
56.0
|
|
50.8
|
|
10 %
|
Credit Quality
Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses
|
|
$
13,240
|
|
$
12,209
|
|
$
11,491
|
|
$
11,308
|
|
$
11,430
|
|
8 %
|
|
16 %
|
|
$
13,240
|
|
$
11,430
|
|
16 %
|
Allowance coverage
ratio
|
|
4.24 %
|
|
4.02 %
|
|
3.88 %
|
|
4.03 %
|
|
4.12 %
|
|
22 bps
|
|
12 bps
|
|
4.24 %
|
|
4.12 %
|
|
12 bps
|
Net
charge-offs
|
|
$
1,430
|
|
$
931
|
|
$
845
|
|
$
767
|
|
$
527
|
|
54 %
|
|
171 %
|
|
$
3,973
|
|
$ 2,234
|
|
78 %
|
Net charge-off
rate(12)
|
|
1.86 %
|
|
1.24 %
|
|
1.18 %
|
|
1.11 %
|
|
0.79 %
|
|
62 bps
|
|
107 bps
|
|
1.36 %
|
|
0.88 %
|
|
48 bps
|
30+ day performing
delinquency rate
|
|
2.96
|
|
2.58
|
|
2.36
|
|
2.08
|
|
2.25
|
|
38
|
|
71
|
|
2.96
|
|
2.25
|
|
71
|
30+ day delinquency
rate
|
|
3.21
|
|
2.78
|
|
2.54
|
|
2.21
|
|
2.41
|
|
43
|
|
80
|
|
3.21
|
|
2.41
|
|
80
|
Capital
Ratios(13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1
capital
|
|
12.5 %
|
|
12.2 %
|
|
12.1 %
|
|
12.7 %
|
|
13.1 %
|
|
30 bps
|
|
(60) bps
|
|
12.5 %
|
|
13.1 %
|
|
(60) bps
|
Tier 1
capital
|
|
13.9
|
|
13.6
|
|
13.5
|
|
14.1
|
|
14.5
|
|
30
|
|
(60)
|
|
13.9
|
|
14.5
|
|
(60)
|
Total
capital
|
|
15.8
|
|
15.7
|
|
15.7
|
|
16.4
|
|
16.9
|
|
10
|
|
(110)
|
|
15.8
|
|
16.9
|
|
(110)
|
Tier 1
leverage
|
|
11.1
|
|
11.0
|
|
11.1
|
|
11.3
|
|
11.6
|
|
10
|
|
(50)
|
|
11.1
|
|
11.6
|
|
(50)
|
Tangible common equity
("TCE")(14)
|
|
7.5
|
|
7.2
|
|
7.9
|
|
8.7
|
|
9.9
|
|
30
|
|
(240)
|
|
7.5
|
|
9.9
|
|
(240)
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 3:
Consolidated Statements of Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Q4
vs
|
|
Year Ended December
31,
|
(Dollars in
millions, except as noted)
|
|
2022
Q4
|
|
2022
Q3
|
|
2022
Q2
|
|
2022
Q1
|
|
2021
Q4
|
|
2022
Q3
|
|
2021
Q4
|
|
2022
|
|
2021
|
|
2022
vs.
2021
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including loans
held for sale
|
|
$
8,360
|
|
$ 7,578
|
|
$ 6,605
|
|
$ 6,367
|
|
$ 6,451
|
|
10 %
|
|
30 %
|
|
$
28,910
|
|
$
24,263
|
|
19 %
|
Investment
securities
|
|
548
|
|
499
|
|
435
|
|
402
|
|
368
|
|
10
|
|
49
|
|
1,884
|
|
1,446
|
|
30
|
Other
|
|
250
|
|
123
|
|
55
|
|
15
|
|
12
|
|
103
|
|
**
|
|
443
|
|
60
|
|
**
|
Total interest
income
|
|
9,158
|
|
8,200
|
|
7,095
|
|
6,784
|
|
6,831
|
|
12
|
|
34
|
|
31,237
|
|
25,769
|
|
21
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
1,335
|
|
689
|
|
293
|
|
218
|
|
222
|
|
94
|
|
**
|
|
2,535
|
|
956
|
|
165
|
Securitized debt
obligations
|
|
170
|
|
120
|
|
65
|
|
29
|
|
30
|
|
42
|
|
**
|
|
384
|
|
119
|
|
**
|
Senior and
subordinated notes
|
|
430
|
|
319
|
|
194
|
|
131
|
|
121
|
|
35
|
|
**
|
|
1,074
|
|
488
|
|
120
|
Other
borrowings
|
|
26
|
|
69
|
|
26
|
|
9
|
|
8
|
|
(62)
|
|
**
|
|
130
|
|
35
|
|
**
|
Total interest
expense
|
|
1,961
|
|
1,197
|
|
578
|
|
387
|
|
381
|
|
64
|
|
**
|
|
4,123
|
|
1,598
|
|
158
|
Net interest
income
|
|
7,197
|
|
7,003
|
|
6,517
|
|
6,397
|
|
6,450
|
|
3
|
|
12
|
|
27,114
|
|
24,171
|
|
12
|
Provision (benefit)
for credit losses
|
|
2,416
|
|
1,669
|
|
1,085
|
|
677
|
|
381
|
|
45
|
|
**
|
|
5,847
|
|
(1,944)
|
|
**
|
Net interest income
after provision for credit losses
|
|
4,781
|
|
5,334
|
|
5,432
|
|
5,720
|
|
6,069
|
|
(10)
|
|
(21)
|
|
21,267
|
|
26,115
|
|
(19)
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interchange fees,
net
|
|
1,177
|
|
1,195
|
|
1,201
|
|
1,033
|
|
1,005
|
|
(2)
|
|
17
|
|
4,606
|
|
3,860
|
|
19
|
Service charges and
other customer-related fees
|
|
395
|
|
415
|
|
415
|
|
400
|
|
435
|
|
(5)
|
|
(9)
|
|
1,625
|
|
1,578
|
|
3
|
Other
|
|
271
|
|
192
|
|
99
|
|
343
|
|
228
|
|
41
|
|
19
|
|
905
|
|
826
|
|
10
|
Total non-interest
income
|
|
1,843
|
|
1,802
|
|
1,715
|
|
1,776
|
|
1,668
|
|
2
|
|
10
|
|
7,136
|
|
6,264
|
|
14
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and associate
benefits
|
|
2,266
|
|
2,187
|
|
1,946
|
|
2,026
|
|
1,941
|
|
4
|
|
17
|
|
8,425
|
|
7,421
|
|
14
|
Occupancy and
equipment
|
|
554
|
|
502
|
|
481
|
|
513
|
|
527
|
|
10
|
|
5
|
|
2,050
|
|
2,003
|
|
2
|
Marketing
|
|
1,118
|
|
978
|
|
1,003
|
|
918
|
|
999
|
|
14
|
|
12
|
|
4,017
|
|
2,871
|
|
40
|
Professional
services
|
|
481
|
|
471
|
|
458
|
|
397
|
|
449
|
|
2
|
|
7
|
|
1,807
|
|
1,440
|
|
25
|
Communications and
data processing
|
|
352
|
|
349
|
|
339
|
|
339
|
|
326
|
|
1
|
|
8
|
|
1,379
|
|
1,262
|
|
9
|
Amortization of
intangibles
|
|
25
|
|
17
|
|
14
|
|
14
|
|
13
|
|
47
|
|
92
|
|
70
|
|
29
|
|
141
|
Other
|
|
284
|
|
445
|
|
342
|
|
344
|
|
423
|
|
(36)
|
|
(33)
|
|
1,415
|
|
1,544
|
|
(8)
|
Total non-interest
expense
|
|
5,080
|
|
4,949
|
|
4,583
|
|
4,551
|
|
4,678
|
|
3
|
|
9
|
|
19,163
|
|
16,570
|
|
16
|
Income from continuing
operations before income taxes
|
|
1,544
|
|
2,187
|
|
2,564
|
|
2,945
|
|
3,059
|
|
(29)
|
|
(50)
|
|
9,240
|
|
15,809
|
|
(42)
|
Income tax
provision
|
|
312
|
|
493
|
|
533
|
|
542
|
|
633
|
|
(37)
|
|
(51)
|
|
1,880
|
|
3,415
|
|
(45)
|
Income from continuing
operations, net of tax
|
|
1,232
|
|
1,694
|
|
2,031
|
|
2,403
|
|
2,426
|
|
(27)
|
|
(49)
|
|
7,360
|
|
12,394
|
|
(41)
|
Income (loss) from
discontinued operations, net of tax
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1)
|
|
—
|
|
**
|
|
—
|
|
(4)
|
|
**
|
Net
income
|
|
1,232
|
|
1,694
|
|
2,031
|
|
2,403
|
|
2,425
|
|
(27)
|
|
(49)
|
|
7,360
|
|
12,390
|
|
(41)
|
Dividends and
undistributed earnings allocated to participating
securities(2)
|
|
(14)
|
|
(21)
|
|
(25)
|
|
(28)
|
|
(21)
|
|
(33)
|
|
(33)
|
|
(88)
|
|
(105)
|
|
(16)
|
Preferred stock
dividends
|
|
(57)
|
|
(57)
|
|
(57)
|
|
(57)
|
|
(74)
|
|
—
|
|
(23)
|
|
(228)
|
|
(274)
|
|
(17)
|
Issuance cost for
redeemed preferred stock(3)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(34)
|
|
—
|
|
**
|
|
—
|
|
(46)
|
|
**
|
Net income available
to common stockholders
|
|
$
1,161
|
|
$ 1,616
|
|
$ 1,949
|
|
$ 2,318
|
|
$ 2,296
|
|
(28)
|
|
(49)
|
|
$
7,044
|
|
$
11,965
|
|
(41)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Q4
vs
|
|
Year Ended December
31,
|
|
|
2022
Q4
|
|
2022
Q3
|
|
2022
Q2
|
|
2022
Q1
|
|
2021
Q4
|
|
2022
Q3
|
|
2021
Q4
|
|
2022
|
|
2021
|
|
2022
vs.
2021
|
Basic earnings per
common share:(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
3.03
|
|
$
4.21
|
|
$
4.98
|
|
$
5.65
|
|
$
5.43
|
|
(28) %
|
|
(44) %
|
|
$
17.98
|
|
$ 27.05
|
|
(34) %
|
Income (loss) from
discontinued operations
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(0.01)
|
|
**
|
Net income per basic
common share
|
|
$
3.03
|
|
$
4.21
|
|
$
4.98
|
|
$
5.65
|
|
$
5.43
|
|
(28)
|
|
(44)
|
|
$
17.98
|
|
$ 27.04
|
|
(34)
|
Diluted earnings per
common share:(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
|
$
3.03
|
|
$
4.20
|
|
$
4.96
|
|
$
5.62
|
|
$
5.41
|
|
(28)
|
|
(44)
|
|
$
17.91
|
|
$ 26.95
|
|
(34)
|
Income (loss) from
discontinued operations
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(0.01)
|
|
**
|
Net income per diluted
common share
|
|
$
3.03
|
|
$
4.20
|
|
$
4.96
|
|
$
5.62
|
|
$
5.41
|
|
(28)
|
|
(44)
|
|
$
17.91
|
|
$ 26.94
|
|
(34)
|
Weighted-average
common shares outstanding (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic common
shares
|
|
382.6
|
|
383.4
|
|
391.2
|
|
410.4
|
|
422.5
|
|
—
|
|
(9)
|
|
391.8
|
|
442.5
|
|
(11)
|
Diluted common
shares
|
|
383.7
|
|
384.6
|
|
392.6
|
|
412.2
|
|
424.3
|
|
—
|
|
(10)
|
|
393.2
|
|
444.2
|
|
(11)
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 4:
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Q4
vs
|
(Dollars in
millions)
|
|
2022
Q4
|
|
2022
Q3
|
|
2022
Q2
|
|
2022
Q1
|
|
2021
Q4
|
|
2022
Q3
|
|
2021
Q4
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$ 5,193
|
|
$ 3,716
|
|
$ 4,825
|
|
$ 5,107
|
|
$ 4,164
|
|
40 %
|
|
25 %
|
Interest-bearing
deposits and other short-term investments
|
|
25,663
|
|
21,176
|
|
16,728
|
|
21,697
|
|
17,582
|
|
21
|
|
46
|
Total cash and cash
equivalents
|
|
30,856
|
|
24,892
|
|
21,553
|
|
26,804
|
|
21,746
|
|
24
|
|
42
|
Restricted cash for
securitization investors
|
|
400
|
|
399
|
|
697
|
|
281
|
|
308
|
|
—
|
|
30
|
Securities available
for sale
|
|
76,919
|
|
75,303
|
|
83,022
|
|
89,076
|
|
95,261
|
|
2
|
|
(19)
|
Loans held for
investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecuritized loans
held for investment
|
|
283,282
|
|
277,576
|
|
271,339
|
|
257,505
|
|
252,468
|
|
2
|
|
12
|
Loans held in
consolidated trusts
|
|
29,049
|
|
26,367
|
|
25,045
|
|
22,961
|
|
24,872
|
|
10
|
|
17
|
Total loans held for
investment
|
|
312,331
|
|
303,943
|
|
296,384
|
|
280,466
|
|
277,340
|
|
3
|
|
13
|
Allowance for credit
losses
|
|
(13,240)
|
|
(12,209)
|
|
(11,491)
|
|
(11,308)
|
|
(11,430)
|
|
8
|
|
16
|
Net loans held for
investment
|
|
299,091
|
|
291,734
|
|
284,893
|
|
269,158
|
|
265,910
|
|
3
|
|
12
|
Loans held for
sale
|
|
203
|
|
1,729
|
|
875
|
|
1,155
|
|
5,888
|
|
(88)
|
|
(97)
|
Premises and equipment,
net
|
|
4,351
|
|
4,265
|
|
4,238
|
|
4,238
|
|
4,210
|
|
2
|
|
3
|
Interest
receivable
|
|
2,104
|
|
1,853
|
|
1,611
|
|
1,479
|
|
1,460
|
|
14
|
|
44
|
Goodwill
|
|
14,777
|
|
14,771
|
|
14,778
|
|
14,784
|
|
14,782
|
|
—
|
|
—
|
Other assets
|
|
26,548
|
|
29,286
|
|
28,621
|
|
27,220
|
|
22,816
|
|
(9)
|
|
16
|
Total
assets
|
|
$
455,249
|
|
$ 444,232
|
|
$ 440,288
|
|
$ 434,195
|
|
$ 432,381
|
|
2
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Q4
vs
|
(Dollars in
millions)
|
|
2022
Q4
|
|
2022
Q3
|
|
2022
Q2
|
|
2022
Q1
|
|
2021
Q4
|
|
2022
Q3
|
|
2021
Q4
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
payable
|
|
$
527
|
|
$
433
|
|
$
333
|
|
$
261
|
|
$
281
|
|
22 %
|
|
88 %
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
|
32,203
|
|
34,391
|
|
37,004
|
|
37,781
|
|
38,043
|
|
(6)
|
|
(15)
|
Interest-bearing
deposits
|
|
300,789
|
|
282,802
|
|
270,881
|
|
275,648
|
|
272,937
|
|
6
|
|
10
|
Total
deposits
|
|
332,992
|
|
317,193
|
|
307,885
|
|
313,429
|
|
310,980
|
|
5
|
|
7
|
Securitized debt
obligations
|
|
16,973
|
|
15,926
|
|
17,466
|
|
13,740
|
|
14,994
|
|
7
|
|
13
|
Other debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities loaned or sold under agreements to
repurchase
|
|
883
|
|
528
|
|
440
|
|
594
|
|
820
|
|
67
|
|
8
|
Senior and
subordinated notes
|
|
30,826
|
|
30,615
|
|
30,489
|
|
26,976
|
|
27,219
|
|
1
|
|
13
|
Other
borrowings
|
|
33
|
|
7,538
|
|
10,543
|
|
4,048
|
|
53
|
|
(100)
|
|
(38)
|
Total other
debt
|
|
31,742
|
|
38,681
|
|
41,472
|
|
31,618
|
|
28,092
|
|
(18)
|
|
13
|
Other
liabilities
|
|
20,433
|
|
21,138
|
|
19,722
|
|
18,802
|
|
17,005
|
|
(3)
|
|
20
|
Total
liabilities
|
|
402,667
|
|
393,371
|
|
386,878
|
|
377,850
|
|
371,352
|
|
2
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
|
—
|
|
—
|
Common stock
|
|
7
|
|
7
|
|
7
|
|
7
|
|
7
|
|
—
|
|
—
|
Additional paid-in
capital, net
|
|
34,725
|
|
34,579
|
|
34,425
|
|
34,286
|
|
34,112
|
|
—
|
|
2
|
Retained
earnings
|
|
57,184
|
|
56,240
|
|
54,836
|
|
53,099
|
|
51,006
|
|
2
|
|
12
|
Accumulated other
comprehensive income (loss)
|
|
(9,916)
|
|
(10,704)
|
|
(6,916)
|
|
(4,093)
|
|
374
|
|
(7)
|
|
**
|
Treasury stock, at
cost
|
|
(29,418)
|
|
(29,261)
|
|
(28,942)
|
|
(26,954)
|
|
(24,470)
|
|
1
|
|
20
|
Total stockholders'
equity
|
|
52,582
|
|
50,861
|
|
53,410
|
|
56,345
|
|
61,029
|
|
3
|
|
(14)
|
Total liabilities
and stockholders' equity
|
|
$
455,249
|
|
$ 444,232
|
|
$ 440,288
|
|
$ 434,195
|
|
$ 432,381
|
|
2
|
|
5
|
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 $321 million in Q4 2022, $222 million in Q3 2022, $211
million in Q2 2022, $192 million in Q1 2022 and $151 million in Q4
2021 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 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 TCE divided
by common shares outstanding. See "Table 15: Calculation of
Regulatory Capital Measures and Reconciliation of Non-GAAP
Measures" for additional information on non-GAAP
measures.
|
(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 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 TCE. 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 2022 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
|
|
|
|
2022
Q4
|
|
2022
Q3
|
|
2021
Q4
|
(Dollars in
millions, except as noted)
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/Rate(1)
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/Rate(1)
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/Rate
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including loans
held for sale
|
|
$
307,852
|
|
$
8,360
|
|
10.86 %
|
|
$
300,952
|
|
$ 7,578
|
|
10.07 %
|
|
$
272,805
|
|
$ 6,451
|
|
9.46 %
|
Investment
securities
|
|
87,110
|
|
548
|
|
2.52
|
|
88,666
|
|
499
|
|
2.25
|
|
96,421
|
|
368
|
|
1.53
|
Cash equivalents and
other
|
|
26,089
|
|
250
|
|
3.84
|
|
22,553
|
|
123
|
|
2.19
|
|
21,642
|
|
12
|
|
0.22
|
Total interest-earning
assets
|
|
$
421,051
|
|
$
9,158
|
|
8.70
|
|
$
412,171
|
|
$ 8,200
|
|
7.96
|
|
$
390,868
|
|
$ 6,831
|
|
6.99
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
$
292,793
|
|
$
1,335
|
|
1.82
|
|
$
275,900
|
|
$
689
|
|
1.00
|
|
$
269,951
|
|
$
222
|
|
0.33
|
Securitized debt
obligations
|
|
16,478
|
|
170
|
|
4.13
|
|
17,108
|
|
120
|
|
2.81
|
|
13,775
|
|
30
|
|
0.87
|
Senior and
subordinated notes
|
|
30,718
|
|
430
|
|
5.59
|
|
30,962
|
|
319
|
|
4.13
|
|
25,454
|
|
121
|
|
1.90
|
Other borrowings and
liabilities
|
|
4,289
|
|
26
|
|
2.50
|
|
12,296
|
|
69
|
|
2.20
|
|
2,279
|
|
8
|
|
1.50
|
Total interest-bearing
liabilities
|
|
$
344,278
|
|
$
1,961
|
|
2.28
|
|
$
336,266
|
|
$ 1,197
|
|
1.42
|
|
$
311,459
|
|
$
381
|
|
0.49
|
Net interest
income/spread
|
|
|
|
$
7,197
|
|
6.42
|
|
|
|
$ 7,003
|
|
6.53
|
|
|
|
$ 6,450
|
|
6.50
|
Impact of
non-interest-bearing funding
|
|
|
|
|
|
0.42
|
|
|
|
|
|
0.27
|
|
|
|
|
|
0.10
|
Net interest
margin
|
|
|
|
|
|
6.84 %
|
|
|
|
|
|
6.80 %
|
|
|
|
|
|
6.60 %
|
|
|
|
|
|
|
|
|
|
Year Ended December
31,
|
|
|
|
|
|
|
|
|
2022
|
|
2021
|
(Dollars in
millions, except as noted)
|
|
|
|
|
|
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/Rate(1)
|
|
Average
Balance
|
|
Interest
Income/
Expense
|
|
Yield/Rate
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including loans
held for sale
|
|
|
|
|
|
|
|
$
293,839
|
|
$ 28,910
|
|
9.84 %
|
|
$
257,328
|
|
$ 24,263
|
|
9.43 %
|
Investment
securities
|
|
|
|
|
|
|
|
90,608
|
|
1,884
|
|
2.08
|
|
98,394
|
|
1,446
|
|
1.47
|
Cash equivalents and
other
|
|
|
|
|
|
|
|
22,199
|
|
443
|
|
2.00
|
|
33,614
|
|
60
|
|
0.18
|
Total interest-earning
assets
|
|
|
|
|
|
|
|
$
406,646
|
|
$ 31,237
|
|
7.68
|
|
$
389,336
|
|
$ 25,769
|
|
6.62
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
|
|
|
|
|
|
$
277,208
|
|
$
2,535
|
|
0.91
|
|
$
271,500
|
|
$
956
|
|
0.35
|
Securitized debt
obligations
|
|
|
|
|
|
|
|
15,603
|
|
384
|
|
2.46
|
|
12,336
|
|
119
|
|
0.96
|
Senior and
subordinated notes
|
|
|
|
|
|
|
|
29,286
|
|
1,074
|
|
3.67
|
|
25,530
|
|
488
|
|
1.91
|
Other borrowings and
liabilities
|
|
|
|
|
|
|
|
7,800
|
|
130
|
|
1.67
|
|
2,261
|
|
35
|
|
1.57
|
Total interest-bearing
liabilities
|
|
|
|
|
|
|
|
$
329,897
|
|
$
4,123
|
|
1.25
|
|
$
311,627
|
|
$
1,598
|
|
0.51
|
Net interest
income/spread
|
|
|
|
|
|
|
|
|
|
$ 27,114
|
|
6.43
|
|
|
|
$ 24,171
|
|
6.11
|
Impact of
non-interest-bearing funding
|
|
|
|
|
|
|
|
|
|
|
|
0.24
|
|
|
|
|
|
0.10
|
Net interest
margin
|
|
|
|
|
|
|
|
|
|
|
|
6.67 %
|
|
|
|
|
|
6.21 %
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 7: Loan
Information and Performance Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Q4
vs
|
|
Year Ended December
31,
|
(Dollars in
millions, except as noted)
|
|
2022
Q4
|
|
2022
Q3
|
|
2022
Q2
|
|
2022
Q1
|
|
2021
Q4
|
|
2022
Q3
|
|
2021
Q4
|
|
2022
|
|
2021
|
|
2022 vs.
2021
|
Loans Held for
Investment (Period-End)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card
|
|
$
131,581
|
|
$
121,279
|
|
$
115,004
|
|
$
107,987
|
|
$
108,723
|
|
8 %
|
|
21 %
|
|
$
131,581
|
|
$ 108,723
|
|
21 %
|
International card businesses
|
|
6,149
|
|
5,634
|
|
5,876
|
|
5,975
|
|
6,049
|
|
9
|
|
2
|
|
6,149
|
|
6,049
|
|
2
|
Total credit
card
|
|
137,730
|
|
126,913
|
|
120,880
|
|
113,962
|
|
114,772
|
|
9
|
|
20
|
|
137,730
|
|
114,772
|
|
20
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
78,373
|
|
79,580
|
|
79,926
|
|
78,604
|
|
75,779
|
|
(2)
|
|
3
|
|
78,373
|
|
75,779
|
|
3
|
Retail
banking
|
|
1,552
|
|
1,619
|
|
1,605
|
|
1,726
|
|
1,867
|
|
(4)
|
|
(17)
|
|
1,552
|
|
1,867
|
|
(17)
|
Total consumer
banking
|
|
79,925
|
|
81,199
|
|
81,531
|
|
80,330
|
|
77,646
|
|
(2)
|
|
3
|
|
79,925
|
|
77,646
|
|
3
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
37,453
|
|
38,225
|
|
37,845
|
|
34,354
|
|
35,262
|
|
(2)
|
|
6
|
|
37,453
|
|
35,262
|
|
6
|
Commercial and industrial
|
|
57,223
|
|
57,606
|
|
56,128
|
|
51,820
|
|
49,660
|
|
(1)
|
|
15
|
|
57,223
|
|
49,660
|
|
15
|
Total commercial
banking
|
|
94,676
|
|
95,831
|
|
93,973
|
|
86,174
|
|
84,922
|
|
(1)
|
|
11
|
|
94,676
|
|
84,922
|
|
11
|
Total loans held for
investment
|
|
$
312,331
|
|
$
303,943
|
|
$
296,384
|
|
$
280,466
|
|
$
277,340
|
|
3
|
|
13
|
|
$
312,331
|
|
$ 277,340
|
|
13
|
Loans Held for
Investment (Average)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card
|
|
$
124,816
|
|
$
117,467
|
|
$
109,962
|
|
$
105,536
|
|
$
102,717
|
|
6 %
|
|
22 %
|
|
$
114,506
|
|
$
95,818
|
|
20 %
|
International card businesses
|
|
5,836
|
|
5,890
|
|
5,873
|
|
5,944
|
|
5,871
|
|
(1)
|
|
(1)
|
|
5,886
|
|
6,913
|
|
(15)
|
Total credit
card
|
|
130,652
|
|
123,357
|
|
115,835
|
|
111,480
|
|
108,588
|
|
6
|
|
20
|
|
120,392
|
|
102,731
|
|
17
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
79,108
|
|
79,741
|
|
79,313
|
|
76,892
|
|
75,284
|
|
(1)
|
|
5
|
|
78,772
|
|
71,108
|
|
11
|
Retail
banking
|
|
1,592
|
|
1,598
|
|
1,668
|
|
1,797
|
|
2,160
|
|
—
|
|
(26)
|
|
1,663
|
|
2,765
|
|
(40)
|
Total consumer
banking
|
|
80,700
|
|
81,339
|
|
80,981
|
|
78,689
|
|
77,444
|
|
(1)
|
|
4
|
|
80,435
|
|
73,873
|
|
9
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
37,848
|
|
38,230
|
|
35,754
|
|
34,671
|
|
33,591
|
|
(1)
|
|
13
|
|
36,639
|
|
30,980
|
|
18
|
Commercial and industrial
|
|
57,681
|
|
57,260
|
|
53,540
|
|
50,502
|
|
47,536
|
|
1
|
|
21
|
|
54,772
|
|
45,146
|
|
21
|
Total commercial
banking
|
|
95,529
|
|
95,490
|
|
89,294
|
|
85,173
|
|
81,127
|
|
—
|
|
18
|
|
91,411
|
|
76,126
|
|
20
|
Total average loans
held for investment
|
|
$
306,881
|
|
$
300,186
|
|
$
286,110
|
|
$
275,342
|
|
$
267,159
|
|
2
|
|
15
|
|
$
292,238
|
|
$ 252,730
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Q4
vs
|
|
Year Ended December
31,
|
|
|
2022
Q4
|
|
2022
Q3
|
|
2022
Q2
|
|
2022
Q1
|
|
2021
Q4
|
|
2022
Q3
|
|
2021
Q4
|
|
2022
|
|
2021
|
|
2022 vs.
2021
|
Net Charge-Off
(Recovery) Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card(2)
|
|
3.22 %
|
|
2.20 %
|
|
2.26 %
|
|
2.12 %
|
|
1.49 %
|
|
102 bps
|
|
173 bps
|
|
2.47 %
|
|
1.90 %
|
|
57 bps
|
International card businesses
|
|
4.29
|
|
3.30
|
|
3.82
|
|
3.20
|
|
0.14
|
|
99
|
|
415
|
|
3.65
|
|
1.96
|
|
169
|
Total credit
card
|
|
3.27
|
|
2.25
|
|
2.34
|
|
2.18
|
|
1.42
|
|
102
|
|
185
|
|
2.53
|
|
1.90
|
|
63
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
1.66
|
|
1.05
|
|
0.61
|
|
0.66
|
|
0.58
|
|
61
|
|
108
|
|
1.00
|
|
0.28
|
|
72
|
Retail
banking
|
|
5.15
|
|
3.89
|
|
3.62
|
|
4.31
|
|
6.69
|
|
126
|
|
(154)
|
|
4.24
|
|
2.77
|
|
147
|
Total consumer
banking
|
|
1.73
|
|
1.10
|
|
0.67
|
|
0.75
|
|
0.75
|
|
63
|
|
98
|
|
1.06
|
|
0.37
|
|
69
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
0.05
|
|
0.03
|
|
(0.08)
|
|
—
|
|
—
|
|
2
|
|
5
|
|
—
|
|
0.03
|
|
(3)
|
Commercial and industrial
|
|
0.06
|
|
0.06
|
|
0.29
|
|
0.11
|
|
(0.03)
|
|
—
|
|
9
|
|
0.13
|
|
(0.01)
|
|
14
|
Total commercial
banking
|
|
0.06
|
|
0.05
|
|
0.14
|
|
0.06
|
|
(0.02)
|
|
1
|
|
8
|
|
0.08
|
|
—
|
|
8
|
Total net
charge-offs
|
|
1.86
|
|
1.24
|
|
1.18
|
|
1.11
|
|
0.79
|
|
62
|
|
107
|
|
1.36
|
|
0.88
|
|
48
|
30+ Day Performing
Delinquency Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card
|
|
3.43 %
|
|
2.97 %
|
|
2.35 %
|
|
2.32 %
|
|
2.22 %
|
|
46 bps
|
|
121 bps
|
|
3.43 %
|
|
2.22 %
|
|
121 bps
|
International card businesses
|
|
4.03
|
|
3.90
|
|
3.67
|
|
3.58
|
|
3.42
|
|
13
|
|
61
|
|
4.03
|
|
3.42
|
|
61
|
Total credit
card
|
|
3.46
|
|
3.01
|
|
2.42
|
|
2.38
|
|
2.28
|
|
45
|
|
118
|
|
3.46
|
|
2.28
|
|
118
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
5.62
|
|
4.85
|
|
4.47
|
|
3.85
|
|
4.32
|
|
77
|
|
130
|
|
5.62
|
|
4.32
|
|
130
|
Retail
banking
|
|
1.02
|
|
0.84
|
|
0.67
|
|
0.74
|
|
1.92
|
|
18
|
|
(90)
|
|
1.02
|
|
1.92
|
|
(90)
|
Total consumer
banking
|
|
5.53
|
|
4.77
|
|
4.39
|
|
3.78
|
|
4.26
|
|
76
|
|
127
|
|
5.53
|
|
4.26
|
|
127
|
Nonperforming Loans
and Nonperforming Assets Rates(3)(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International card businesses
|
|
0.14 %
|
|
0.14 %
|
|
0.13 %
|
|
0.14 %
|
|
0.16 %
|
|
—
|
|
(2) bps
|
|
0.14 %
|
|
0.16 %
|
|
(2) bps
|
Total credit
card
|
|
0.01
|
|
0.01
|
|
0.01
|
|
0.01
|
|
0.01
|
|
—
|
|
—
|
|
0.01
|
|
0.01
|
|
—
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
0.76
|
|
0.60
|
|
0.50
|
|
0.41
|
|
0.45
|
|
16 bps
|
|
31
|
|
0.76
|
|
0.45
|
|
31
|
Retail
banking
|
|
2.49
|
|
2.62
|
|
2.61
|
|
2.63
|
|
2.51
|
|
(13)
|
|
(2)
|
|
2.49
|
|
2.51
|
|
(2)
|
Total consumer
banking
|
|
0.79
|
|
0.64
|
|
0.54
|
|
0.46
|
|
0.50
|
|
15
|
|
29
|
|
0.79
|
|
0.50
|
|
29
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
0.72
|
|
0.64
|
|
0.78
|
|
0.98
|
|
1.09
|
|
8
|
|
(37)
|
|
0.72
|
|
1.09
|
|
(37)
|
Commercial and industrial
|
|
0.75
|
|
0.53
|
|
0.64
|
|
0.69
|
|
0.64
|
|
22
|
|
11
|
|
0.75
|
|
0.64
|
|
11
|
Total commercial
banking
|
|
0.74
|
|
0.57
|
|
0.70
|
|
0.81
|
|
0.82
|
|
17
|
|
(8)
|
|
0.74
|
|
0.82
|
|
(8)
|
Total nonperforming
loans
|
|
0.43
|
|
0.35
|
|
0.37
|
|
0.38
|
|
0.40
|
|
8
|
|
3
|
|
0.43
|
|
0.40
|
|
3
|
Total nonperforming
assets
|
|
0.45
|
|
0.37
|
|
0.39
|
|
0.40
|
|
0.41
|
|
8
|
|
4
|
|
0.45
|
|
0.41
|
|
4
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 8: Allowance
for Credit Losses and Reserve for Unfunded Lending Commitments
Activity
|
|
|
|
Three Months Ended
December 31, 2022
|
|
|
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, 2022
|
|
$
8,370
|
|
$
346
|
|
$
8,716
|
|
$
2,057
|
|
$
51
|
|
$
2,108
|
|
$
1,385
|
|
$
12,209
|
Charge-offs
|
|
(1,257)
|
|
(94)
|
|
(1,351)
|
|
(499)
|
|
(25)
|
|
(524)
|
|
(15)
|
|
(1,890)
|
Recoveries
|
|
252
|
|
31
|
|
283
|
|
171
|
|
5
|
|
176
|
|
1
|
|
460
|
Net
charge-offs
|
|
(1,005)
|
|
(63)
|
|
(1,068)
|
|
(328)
|
|
(20)
|
|
(348)
|
|
(14)
|
|
(1,430)
|
Provision for credit
losses
|
|
1,800
|
|
78
|
|
1,878
|
|
458
|
|
19
|
|
477
|
|
87
|
|
2,442
|
Allowance build for
credit losses
|
|
795
|
|
15
|
|
810
|
|
130
|
|
(1)
|
|
129
|
|
73
|
|
1,012
|
Other
changes(5)
|
|
—
|
|
19
|
|
19
|
|
—
|
|
—
|
|
—
|
|
—
|
|
19
|
Balance as of December
31, 2022
|
|
9,165
|
|
380
|
|
9,545
|
|
2,187
|
|
50
|
|
2,237
|
|
1,458
|
|
13,240
|
Reserve for unfunded
lending commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of September
30, 2022
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
243
|
|
243
|
Provision (benefit) for
losses on unfunded lending commitments
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(25)
|
|
(25)
|
Balance as of December
31, 2022
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
218
|
|
218
|
Combined allowance
and reserve as of December 31, 2022
|
|
$
9,165
|
|
$
380
|
|
$
9,545
|
|
$
2,187
|
|
$
50
|
|
$
2,237
|
|
$
1,676
|
|
$
13,458
|
|
|
|
|
|
Year Ended December
31, 2022
|
|
|
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, 2021
|
|
$
7,968
|
|
$
377
|
|
$
8,345
|
|
$
1,852
|
|
$
66
|
|
$
1,918
|
|
$
1,167
|
|
$
11,430
|
Charge-offs
|
|
(4,004)
|
|
(358)
|
|
(4,362)
|
|
(1,525)
|
|
(89)
|
|
(1,614)
|
|
(88)
|
|
(6,064)
|
Recoveries
|
|
1,171
|
|
143
|
|
1,314
|
|
741
|
|
19
|
|
760
|
|
17
|
|
2,091
|
Net
charge-offs
|
|
(2,833)
|
|
(215)
|
|
(3,048)
|
|
(784)
|
|
(70)
|
|
(854)
|
|
(71)
|
|
(3,973)
|
Provision for credit
losses
|
|
4,020
|
|
245
|
|
4,265
|
|
1,119
|
|
54
|
|
1,173
|
|
362
|
|
5,800
|
Allowance build
(release) for credit losses
|
|
1,187
|
|
30
|
|
1,217
|
|
335
|
|
(16)
|
|
319
|
|
291
|
|
1,827
|
Other
changes(5)
|
|
10
|
|
(27)
|
|
(17)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(17)
|
Balance as of December
31, 2022
|
|
9,165
|
|
380
|
|
9,545
|
|
2,187
|
|
50
|
|
2,237
|
|
1,458
|
|
13,240
|
Reserve for unfunded
lending commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December
31, 2021
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
165
|
|
165
|
Provision (benefit) for
losses on unfunded lending commitments
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
53
|
|
53
|
Balance as of December
31, 2022
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
218
|
|
218
|
Combined allowance
and reserve as of December 31, 2022
|
|
$
9,165
|
|
$
380
|
|
$
9,545
|
|
$
2,187
|
|
$
50
|
|
$
2,237
|
|
$
1,676
|
|
$
13,458
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 9: Financial
Summary—Business Segment Results
|
|
|
|
Three Months Ended
December 31, 2022
|
|
Year Ended December
31, 2022
|
(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)
|
|
$
4,533
|
|
$
2,394
|
|
$
520
|
|
$
(250)
|
|
$
7,197
|
|
$
16,584
|
|
$
8,965
|
|
$
2,461
|
|
$
(896)
|
|
$
27,114
|
Non-interest income
(loss)
|
|
1,449
|
|
139
|
|
261
|
|
(6)
|
|
1,843
|
|
5,771
|
|
469
|
|
1,129
|
|
(233)
|
|
7,136
|
Total net revenue
(loss)
|
|
5,982
|
|
2,533
|
|
781
|
|
(256)
|
|
9,040
|
|
22,355
|
|
9,434
|
|
3,590
|
|
(1,129)
|
|
34,250
|
Provision (benefit) for
credit losses
|
|
1,878
|
|
477
|
|
62
|
|
(1)
|
|
2,416
|
|
4,265
|
|
1,173
|
|
415
|
|
(6)
|
|
5,847
|
Non-interest
expense
|
|
3,069
|
|
1,450
|
|
555
|
|
6
|
|
5,080
|
|
11,627
|
|
5,312
|
|
2,070
|
|
154
|
|
19,163
|
Income (loss) from
continuing operations before income taxes
|
|
1,035
|
|
606
|
|
164
|
|
(261)
|
|
1,544
|
|
6,463
|
|
2,949
|
|
1,105
|
|
(1,277)
|
|
9,240
|
Income tax provision
(benefit)
|
|
245
|
|
144
|
|
39
|
|
(116)
|
|
312
|
|
1,536
|
|
699
|
|
262
|
|
(617)
|
|
1,880
|
Income (loss) from
continuing operations, net of tax
|
|
$
790
|
|
$
462
|
|
$
125
|
|
$
(145)
|
|
$
1,232
|
|
$
4,927
|
|
$
2,250
|
|
$
843
|
|
$
(660)
|
|
$
7,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2022
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions)
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking(6)
|
|
Other(6)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
Net interest income
(loss)
|
|
$
4,313
|
|
$
2,311
|
|
$
699
|
|
$ (320)
|
|
$ 7,003
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
(loss)
|
|
1,454
|
|
129
|
|
319
|
|
(100)
|
|
1,802
|
|
|
|
|
|
|
|
|
|
|
Total net revenue
(loss)
|
|
5,767
|
|
2,440
|
|
1,018
|
|
(420)
|
|
8,805
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for
credit losses
|
|
1,261
|
|
285
|
|
123
|
|
—
|
|
1,669
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expense
|
|
3,004
|
|
1,340
|
|
542
|
|
63
|
|
4,949
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations before income taxes
|
|
1,502
|
|
815
|
|
353
|
|
(483)
|
|
2,187
|
|
|
|
|
|
|
|
|
|
|
Income tax provision
(benefit)
|
|
356
|
|
193
|
|
83
|
|
(139)
|
|
493
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
1,146
|
|
$
622
|
|
$
270
|
|
$ (344)
|
|
$ 1,694
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 10: Financial
& Statistical Summary—Credit Card Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Q4
vs
|
|
Year Ended December
31,
|
(Dollars in
millions, except as noted)
|
|
2022
Q4
|
|
2022
Q3
|
|
2022
Q2
|
|
2022
Q1
|
|
2021
Q4
|
|
2022
Q3
|
|
2021
Q4
|
|
2022
|
|
2021
|
|
2022
vs.
2021
|
Credit
Card
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
4,533
|
|
$
4,313
|
|
$
3,899
|
|
$
3,839
|
|
$
3,865
|
|
5 %
|
|
17 %
|
|
$
16,584
|
|
$
14,074
|
|
18 %
|
Non-interest
income
|
|
1,449
|
|
1,454
|
|
1,410
|
|
1,458
|
|
1,261
|
|
—
|
|
15
|
|
5,771
|
|
4,806
|
|
20
|
Total net
revenue
|
|
5,982
|
|
5,767
|
|
5,309
|
|
5,297
|
|
5,126
|
|
4
|
|
17
|
|
22,355
|
|
18,880
|
|
18
|
Provision (benefit)
for credit losses
|
|
1,878
|
|
1,261
|
|
581
|
|
545
|
|
423
|
|
49
|
|
**
|
|
4,265
|
|
(902)
|
|
**
|
Non-interest
expense
|
|
3,069
|
|
3,004
|
|
2,771
|
|
2,783
|
|
2,799
|
|
2
|
|
10
|
|
11,627
|
|
9,621
|
|
21
|
Income from continuing
operations before income taxes
|
|
1,035
|
|
1,502
|
|
1,957
|
|
1,969
|
|
1,904
|
|
(31)
|
|
(46)
|
|
6,463
|
|
10,161
|
|
(36)
|
Income tax
provision
|
|
245
|
|
356
|
|
466
|
|
469
|
|
451
|
|
(31)
|
|
(46)
|
|
1,536
|
|
2,403
|
|
(36)
|
Income from continuing
operations, net of tax
|
|
$
790
|
|
$
1,146
|
|
$
1,491
|
|
$
1,500
|
|
$
1,453
|
|
(31)
|
|
(46)
|
|
$
4,927
|
|
$
7,758
|
|
(36)
|
Selected performance
metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
137,730
|
|
$ 126,913
|
|
$ 120,880
|
|
$ 113,962
|
|
$ 114,772
|
|
9
|
|
20
|
|
$
137,730
|
|
$ 114,772
|
|
20
|
Average loans held for
investment
|
|
130,652
|
|
123,357
|
|
115,835
|
|
111,480
|
|
108,588
|
|
6
|
|
20
|
|
120,392
|
|
102,731
|
|
17
|
Average yield on loans
outstanding(1)
|
|
17.69 %
|
|
16.74 %
|
|
15.24 %
|
|
14.97 %
|
|
14.94 %
|
|
95 bps
|
|
275 bps
|
|
16.21 %
|
|
14.60 %
|
|
161 bps
|
Total net revenue
margin(7)
|
|
18.32
|
|
18.70
|
|
18.33
|
|
18.56
|
|
18.11
|
|
(38)
|
|
21
|
|
18.47
|
|
17.81
|
|
66
|
Net charge-off
rate
|
|
3.27
|
|
2.25
|
|
2.34
|
|
2.18
|
|
1.42
|
|
102
|
|
185
|
|
2.53
|
|
1.90
|
|
63
|
30+ day performing
delinquency rate
|
|
3.46
|
|
3.01
|
|
2.42
|
|
2.38
|
|
2.28
|
|
45
|
|
118
|
|
3.46
|
|
2.28
|
|
118
|
30+ day delinquency
rate
|
|
3.46
|
|
3.02
|
|
2.42
|
|
2.39
|
|
2.29
|
|
44
|
|
117
|
|
3.46
|
|
2.29
|
|
117
|
Nonperforming loan
rate(3)
|
|
0.01
|
|
0.01
|
|
0.01
|
|
0.01
|
|
0.01
|
|
—
|
|
—
|
|
0.01
|
|
0.01
|
|
—
|
Purchase
volume(8)
|
|
$
155,633
|
|
$ 149,497
|
|
$ 148,491
|
|
$ 133,662
|
|
$ 149,982
|
|
4 %
|
|
4 %
|
|
$
587,283
|
|
$ 527,605
|
|
11 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Q4
vs
|
|
Year Ended December
31,
|
(Dollars in
millions, except as noted)
|
|
2022
Q4
|
|
2022
Q3
|
|
2022
Q2
|
|
2022
Q1
|
|
2021
Q4
|
|
2022
Q3
|
|
2021
Q4
|
|
2022
|
|
2021
|
|
2022
vs.
2021
|
|
Domestic
Card
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
4,280
|
|
$
4,065
|
|
$
3,651
|
|
$
3,620
|
|
$
3,558
|
|
5 %
|
|
20 %
|
|
$
15,616
|
|
$
12,916
|
|
21 %
|
Non-interest
income
|
|
1,392
|
|
1,383
|
|
1,340
|
|
1,248
|
|
1,190
|
|
1
|
|
17
|
|
5,363
|
|
4,532
|
|
18
|
Total net
revenue
|
|
5,672
|
|
5,448
|
|
4,991
|
|
4,868
|
|
4,748
|
|
4
|
|
19
|
|
20,979
|
|
17,448
|
|
20
|
Provision (benefit)
for credit losses
|
|
1,800
|
|
1,167
|
|
494
|
|
559
|
|
384
|
|
54
|
|
**
|
|
4,020
|
|
(868)
|
|
**
|
Non-interest
expense
|
|
2,866
|
|
2,803
|
|
2,594
|
|
2,564
|
|
2,564
|
|
2
|
|
12
|
|
10,827
|
|
8,712
|
|
24
|
Income from continuing
operations before income taxes
|
|
1,006
|
|
1,478
|
|
1,903
|
|
1,745
|
|
1,800
|
|
(32)
|
|
(44)
|
|
6,132
|
|
9,604
|
|
(36)
|
Income tax
provision
|
|
238
|
|
351
|
|
450
|
|
414
|
|
424
|
|
(32)
|
|
(44)
|
|
1,453
|
|
2,266
|
|
(36)
|
Income from continuing
operations, net of tax
|
|
$
768
|
|
$
1,127
|
|
$
1,453
|
|
$
1,331
|
|
$
1,376
|
|
(32)
|
|
(44)
|
|
$
4,679
|
|
$
7,338
|
|
(36)
|
Selected performance
metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
131,581
|
|
$ 121,279
|
|
$ 115,004
|
|
$ 107,987
|
|
$ 108,723
|
|
8
|
|
21
|
|
$
131,581
|
|
$ 108,723
|
|
21
|
Average loans held for
investment
|
|
124,816
|
|
117,467
|
|
109,962
|
|
105,536
|
|
102,717
|
|
6
|
|
22
|
|
114,506
|
|
95,818
|
|
20
|
Average yield on loans
outstanding(1)
|
|
17.58 %
|
|
16.61 %
|
|
15.03 %
|
|
14.82 %
|
|
14.86 %
|
|
97 bps
|
|
272 bps
|
|
16.07 %
|
|
14.49 %
|
|
158 bps
|
Total net revenue
margin(7)
|
|
18.18
|
|
18.55
|
|
18.16
|
|
18.28
|
|
18.14
|
|
(37)
|
|
4
|
|
18.28
|
|
17.85
|
|
43
|
Net charge-off
rate(2)
|
|
3.22
|
|
2.20
|
|
2.26
|
|
2.12
|
|
1.49
|
|
102
|
|
173
|
|
2.47
|
|
1.90
|
|
57
|
30+ day performing
delinquency rate
|
|
3.43
|
|
2.97
|
|
2.35
|
|
2.32
|
|
2.22
|
|
46
|
|
121
|
|
3.43
|
|
2.22
|
|
121
|
Purchase
volume(8)
|
|
$
151,995
|
|
$ 145,805
|
|
$ 144,668
|
|
$ 126,284
|
|
$ 138,825
|
|
4 %
|
|
9 %
|
|
$
568,752
|
|
$ 487,297
|
|
17 %
|
Refreshed FICO
scores:(9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater than
660
|
|
69 %
|
|
70 %
|
|
70 %
|
|
70 %
|
|
71 %
|
|
(1)
|
|
(2)
|
|
69 %
|
|
71 %
|
|
(2)
|
660 or
below
|
|
31
|
|
30
|
|
30
|
|
30
|
|
29
|
|
1
|
|
2
|
|
31
|
|
29
|
|
2
|
Total
|
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
|
|
|
|
100 %
|
|
100 %
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 11: Financial
& Statistical Summary—Consumer Banking Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Q4
vs
|
|
Year Ended December
31,
|
(Dollars in
millions, except as noted)
|
|
2022
Q4
|
|
2022
Q3
|
|
2022
Q2
|
|
2022
Q1
|
|
2021
Q4
|
|
2022
Q3
|
|
2021
Q4
|
|
2022
|
|
2021
|
|
2022
vs.
2021
|
Consumer
Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
2,394
|
|
$
2,311
|
|
$
2,147
|
|
$
2,113
|
|
$
2,158
|
|
4 %
|
|
11 %
|
|
$
8,965
|
|
$
8,448
|
|
6 %
|
Non-interest
income
|
|
139
|
|
129
|
|
96
|
|
105
|
|
142
|
|
8
|
|
(2)
|
|
469
|
|
554
|
|
(15)
|
Total net
revenue
|
|
2,533
|
|
2,440
|
|
2,243
|
|
2,218
|
|
2,300
|
|
4
|
|
10
|
|
9,434
|
|
9,002
|
|
5
|
Provision (benefit)
for credit losses
|
|
477
|
|
285
|
|
281
|
|
130
|
|
2
|
|
67
|
|
**
|
|
1,173
|
|
(521)
|
|
**
|
Non-interest
expense
|
|
1,450
|
|
1,340
|
|
1,286
|
|
1,236
|
|
1,285
|
|
8
|
|
13
|
|
5,312
|
|
4,711
|
|
13
|
Income from continuing
operations before income taxes
|
|
606
|
|
815
|
|
676
|
|
852
|
|
1,013
|
|
(26)
|
|
(40)
|
|
2,949
|
|
4,812
|
|
(39)
|
Income tax
provision
|
|
144
|
|
193
|
|
160
|
|
202
|
|
239
|
|
(25)
|
|
(40)
|
|
699
|
|
1,136
|
|
(38)
|
Income from continuing
operations, net of tax
|
|
$
462
|
|
$
622
|
|
$
516
|
|
$
650
|
|
$
774
|
|
(26)
|
|
(40)
|
|
$
2,250
|
|
$
3,676
|
|
(39)
|
Selected performance
metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
79,925
|
|
$
81,199
|
|
$
81,531
|
|
$
80,330
|
|
$
77,646
|
|
(2)
|
|
3
|
|
$
79,925
|
|
$
77,646
|
|
3
|
Average loans held for
investment
|
|
80,700
|
|
81,339
|
|
80,981
|
|
78,689
|
|
77,444
|
|
(1)
|
|
4
|
|
80,435
|
|
73,873
|
|
9
|
Average yield on loans
held for investment(1)
|
|
7.31 %
|
|
7.20 %
|
|
7.08 %
|
|
7.17 %
|
|
7.55 %
|
|
11 bps
|
|
(24) bps
|
|
7.19 %
|
|
7.86 %
|
|
(67) bps
|
Auto loan
originations
|
|
$ 6,635
|
|
$ 8,289
|
|
$
10,328
|
|
$
11,713
|
|
$ 9,721
|
|
(20) %
|
|
(32) %
|
|
$
36,965
|
|
$
43,083
|
|
(14) %
|
Period-end
deposits
|
|
270,592
|
|
256,661
|
|
255,904
|
|
258,359
|
|
256,407
|
|
5
|
|
6
|
|
270,592
|
|
256,407
|
|
6
|
Average
deposits
|
|
262,844
|
|
255,843
|
|
254,336
|
|
255,265
|
|
253,372
|
|
3
|
|
4
|
|
257,089
|
|
251,676
|
|
2
|
Average deposits
interest rate
|
|
1.42 %
|
|
0.79 %
|
|
0.38 %
|
|
0.29 %
|
|
0.30 %
|
|
63 bps
|
|
112 bps
|
|
0.72 %
|
|
0.32 %
|
|
40 bps
|
Net charge-off
rate
|
|
1.73
|
|
1.10
|
|
0.67
|
|
0.75
|
|
0.75
|
|
63
|
|
98
|
|
1.06
|
|
0.37
|
|
69
|
30+ day performing
delinquency rate
|
|
5.53
|
|
4.77
|
|
4.39
|
|
3.78
|
|
4.26
|
|
76
|
|
127
|
|
5.53
|
|
4.26
|
|
127
|
30+ day delinquency
rate
|
|
6.18
|
|
5.28
|
|
4.81
|
|
4.13
|
|
4.66
|
|
90
|
|
152
|
|
6.18
|
|
4.66
|
|
152
|
Nonperforming loan
rate(3)
|
|
0.79
|
|
0.64
|
|
0.54
|
|
0.46
|
|
0.50
|
|
15
|
|
29
|
|
0.79
|
|
0.50
|
|
29
|
Nonperforming asset
rate(4)
|
|
0.87
|
|
0.71
|
|
0.60
|
|
0.52
|
|
0.56
|
|
16
|
|
31
|
|
0.87
|
|
0.56
|
|
31
|
Auto—At origination
FICO scores:(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater than
660
|
|
53 %
|
|
52 %
|
|
52 %
|
|
51 %
|
|
50 %
|
|
1 %
|
|
3 %
|
|
53 %
|
|
50 %
|
|
3 %
|
621 - 660
|
|
20
|
|
20
|
|
20
|
|
20
|
|
20
|
|
—
|
|
—
|
|
20
|
|
20
|
|
—
|
620 or
below
|
|
27
|
|
28
|
|
28
|
|
29
|
|
30
|
|
(1)
|
|
(3)
|
|
27
|
|
30
|
|
(3)
|
Total
|
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
|
|
|
|
100 %
|
|
100 %
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 12: Financial
& Statistical Summary—Commercial Banking
Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Q4
vs
|
|
Year Ended December
31,
|
(Dollars in
millions, except as noted)
|
|
2022
Q4
|
|
2022
Q3
|
|
2022
Q2
|
|
2022
Q1
|
|
2021
Q4
|
|
2022
Q3
|
|
2021
Q4
|
|
2022
|
|
2021
|
|
2022
vs.
2021
|
Commercial
Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Income(11)
|
|
$
520
|
|
$
699
|
|
$
635
|
|
$
607
|
|
$
595
|
|
(26) %
|
|
(13) %
|
|
$ 2,461
|
|
$ 2,153
|
|
14 %
|
Non-interest
income
|
|
261
|
|
319
|
|
272
|
|
277
|
|
345
|
|
(18)
|
|
(24)
|
|
1,129
|
|
1,148
|
|
(2)
|
Total net
revenue(6)
|
|
781
|
|
1,018
|
|
907
|
|
884
|
|
940
|
|
(23)
|
|
(17)
|
|
3,590
|
|
3,301
|
|
9
|
Provision (benefit)
for credit losses
|
|
62
|
|
123
|
|
222
|
|
8
|
|
(44)
|
|
(50)
|
|
**
|
|
415
|
|
(519)
|
|
**
|
Non-interest
expense
|
|
555
|
|
542
|
|
485
|
|
488
|
|
520
|
|
2
|
|
7
|
|
2,070
|
|
1,815
|
|
14
|
Income from continuing
operations before income taxes
|
|
164
|
|
353
|
|
200
|
|
388
|
|
464
|
|
(54)
|
|
(65)
|
|
1,105
|
|
2,005
|
|
(45)
|
Income tax
provision
|
|
39
|
|
83
|
|
48
|
|
92
|
|
109
|
|
(53)
|
|
(64)
|
|
262
|
|
473
|
|
(45)
|
Income from continuing
operations, net of tax
|
|
$
125
|
|
$
270
|
|
$
152
|
|
$
296
|
|
$
355
|
|
(54)
|
|
(65)
|
|
$
843
|
|
$ 1,532
|
|
(45)
|
Selected performance
metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
94,676
|
|
$
95,831
|
|
$
93,973
|
|
$
86,174
|
|
$
84,922
|
|
(1)
|
|
11
|
|
$
94,676
|
|
$
84,922
|
|
11
|
Average loans held for
investment
|
|
95,529
|
|
95,490
|
|
89,294
|
|
85,173
|
|
81,127
|
|
—
|
|
18
|
|
91,411
|
|
76,126
|
|
20
|
Average yield on loans
held for investment(1)(6)
|
|
5.63 %
|
|
4.40 %
|
|
3.18 %
|
|
2.66 %
|
|
2.71 %
|
|
123 bps
|
|
292 bps
|
|
4.02 %
|
|
2.74 %
|
|
128 bps
|
Period-end
deposits
|
|
$
40,808
|
|
$
41,058
|
|
$
38,844
|
|
$
45,232
|
|
$
44,809
|
|
(1) %
|
|
(9) %
|
|
$
40,808
|
|
$
44,809
|
|
(9) %
|
Average
deposits
|
|
42,779
|
|
39,799
|
|
40,536
|
|
45,008
|
|
44,206
|
|
7
|
|
(3)
|
|
42,018
|
|
42,350
|
|
(1)
|
Average deposits
interest rate
|
|
1.80 %
|
|
0.83 %
|
|
0.19 %
|
|
0.12 %
|
|
0.12 %
|
|
97 bps
|
|
168 bps
|
|
0.73 %
|
|
0.14 %
|
|
59 bps
|
Net charge-off
(recovery) rate
|
|
0.06
|
|
0.05
|
|
0.14
|
|
0.06
|
|
(0.02)
|
|
1
|
|
8
|
|
0.08
|
|
—
|
|
8
|
Nonperforming loan
rate(3)
|
|
0.74
|
|
0.57
|
|
0.70
|
|
0.81
|
|
0.82
|
|
17
|
|
(8)
|
|
0.74
|
|
0.82
|
|
(8)
|
Nonperforming asset
rate(4)
|
|
0.74
|
|
0.57
|
|
0.70
|
|
0.81
|
|
0.82
|
|
17
|
|
(8)
|
|
0.74
|
|
0.82
|
|
(8)
|
Risk
category:(12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncriticized
|
|
$
87,620
|
|
$
89,559
|
|
$
88,349
|
|
$
80,586
|
|
$
79,014
|
|
(2) %
|
|
11 %
|
|
$
87,620
|
|
$
79,014
|
|
11 %
|
Criticized
performing
|
|
6,355
|
|
5,722
|
|
4,969
|
|
4,893
|
|
5,209
|
|
11
|
|
22
|
|
6,355
|
|
5,209
|
|
22
|
Criticized
nonperforming
|
|
701
|
|
550
|
|
655
|
|
695
|
|
699
|
|
27
|
|
—
|
|
701
|
|
699
|
|
—
|
Total commercial
banking loans
|
|
$
94,676
|
|
$
95,831
|
|
$
93,973
|
|
$
86,174
|
|
$
84,922
|
|
(1)
|
|
11
|
|
$
94,676
|
|
$
84,922
|
|
11
|
Risk category as a
percentage of period-end loans held for
investment:(12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncriticized
|
|
92.55 %
|
|
93.46 %
|
|
94.01 %
|
|
93.51 %
|
|
93.05 %
|
|
(91) bps
|
|
(50) bps
|
|
92.55 %
|
|
93.05 %
|
|
(50) bps
|
Criticized
performing
|
|
6.71
|
|
5.97
|
|
5.29
|
|
5.68
|
|
6.13
|
|
74
|
|
58
|
|
6.71
|
|
6.13
|
|
58
|
Criticized
nonperforming
|
|
0.74
|
|
0.57
|
|
0.70
|
|
0.81
|
|
0.82
|
|
17
|
|
(8)
|
|
0.74
|
|
0.82
|
|
(8)
|
Total commercial
banking loans
|
|
100.00 %
|
|
100.00 %
|
|
100.00 %
|
|
100.00 %
|
|
100.00 %
|
|
|
|
|
|
100.00 %
|
|
100.00 %
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 13: Financial
& Statistical Summary—Other and Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Q4
vs
|
|
Year Ended December
31,
|
(Dollars in
millions)
|
|
2022
Q4
|
|
2022
Q3
|
|
2022
Q2
|
|
2022
Q1
|
|
2021
Q4
|
|
2022
Q3
|
|
2021
Q4
|
|
2022
|
|
2021
|
|
2022
vs.
2021
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest
Loss(11)
|
|
$
(250)
|
|
$
(320)
|
|
$
(164)
|
|
$
(162)
|
|
$
(168)
|
|
(22) %
|
|
49 %
|
|
$
(896)
|
|
$
(504)
|
|
78 %
|
Non-interest
loss
|
|
(6)
|
|
(100)
|
|
(63)
|
|
(64)
|
|
(80)
|
|
(94)
|
|
(93)
|
|
(233)
|
|
(244)
|
|
(5)
|
Total net
loss(6)
|
|
(256)
|
|
(420)
|
|
(227)
|
|
(226)
|
|
(248)
|
|
(39)
|
|
3
|
|
(1,129)
|
|
(748)
|
|
51
|
Provision (benefit)
for credit losses
|
|
(1)
|
|
—
|
|
1
|
|
(6)
|
|
—
|
|
**
|
|
**
|
|
(6)
|
|
(2)
|
|
**
|
Non-interest
expense(13)
|
|
6
|
|
63
|
|
41
|
|
44
|
|
74
|
|
(90)
|
|
(92)
|
|
154
|
|
423
|
|
(64)
|
Loss from continuing
operations before income taxes
|
|
(261)
|
|
(483)
|
|
(269)
|
|
(264)
|
|
(322)
|
|
(46)
|
|
(19)
|
|
(1,277)
|
|
(1,169)
|
|
9
|
Income tax
benefit
|
|
(116)
|
|
(139)
|
|
(141)
|
|
(221)
|
|
(166)
|
|
(17)
|
|
(30)
|
|
(617)
|
|
(597)
|
|
3
|
Loss from continuing
operations, net of tax
|
|
$
(145)
|
|
$
(344)
|
|
$
(128)
|
|
$
(43)
|
|
$
(156)
|
|
(58)
|
|
(7)
|
|
$
(660)
|
|
$
(572)
|
|
15
|
Selected performance
metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end
deposits
|
|
$
21,592
|
|
$
19,474
|
|
$
13,137
|
|
$ 9,838
|
|
$ 9,764
|
|
11
|
|
121
|
|
$
21,592
|
|
$ 9,764
|
|
121
|
Average
deposits
|
|
20,935
|
|
16,286
|
|
11,082
|
|
9,324
|
|
9,694
|
|
29
|
|
116
|
|
14,444
|
|
12,371
|
|
17
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
7,197
|
|
$ 7,003
|
|
$ 6,517
|
|
$ 6,397
|
|
$ 6,450
|
|
3 %
|
|
12 %
|
|
$
27,114
|
|
$
24,171
|
|
12 %
|
Non-interest
income
|
|
1,843
|
|
1,802
|
|
1,715
|
|
1,776
|
|
1,668
|
|
2
|
|
10
|
|
7,136
|
|
6,264
|
|
14
|
Total net
revenue
|
|
9,040
|
|
8,805
|
|
8,232
|
|
8,173
|
|
8,118
|
|
3
|
|
11
|
|
34,250
|
|
30,435
|
|
13
|
Provision (benefit)
for credit losses
|
|
2,416
|
|
1,669
|
|
1,085
|
|
677
|
|
381
|
|
45
|
|
**
|
|
5,847
|
|
(1,944)
|
|
**
|
Non-interest
expense
|
|
5,080
|
|
4,949
|
|
4,583
|
|
4,551
|
|
4,678
|
|
3
|
|
9
|
|
19,163
|
|
16,570
|
|
16
|
Income from continuing
operations before income taxes
|
|
1,544
|
|
2,187
|
|
2,564
|
|
2,945
|
|
3,059
|
|
(29)
|
|
(50)
|
|
9,240
|
|
15,809
|
|
(42)
|
Income tax
provision
|
|
312
|
|
493
|
|
533
|
|
542
|
|
633
|
|
(37)
|
|
(51)
|
|
1,880
|
|
3,415
|
|
(45)
|
Income from continuing
operations, net of tax
|
|
$
1,232
|
|
$ 1,694
|
|
$ 2,031
|
|
$ 2,403
|
|
$ 2,426
|
|
(27)
|
|
(49)
|
|
$
7,360
|
|
$
12,394
|
|
(41)
|
Selected performance
metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
312,331
|
|
$
303,943
|
|
$
296,384
|
|
$
280,466
|
|
$
277,340
|
|
3
|
|
13
|
|
$
312,331
|
|
$
277,340
|
|
13
|
Average loans held for
investment
|
|
306,881
|
|
300,186
|
|
286,110
|
|
275,342
|
|
267,159
|
|
2
|
|
15
|
|
292,238
|
|
252,730
|
|
16
|
Period-end
deposits
|
|
332,992
|
|
317,193
|
|
307,885
|
|
313,429
|
|
310,980
|
|
5
|
|
7
|
|
332,992
|
|
310,980
|
|
7
|
Average
deposits
|
|
326,558
|
|
311,928
|
|
305,954
|
|
309,597
|
|
307,272
|
|
5
|
|
6
|
|
313,551
|
|
306,397
|
|
2
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
|
Table 14: Notes to
Net Interest Margin, Loan, Allowance and Business Segment
Disclosures (Tables 6—13)
|
|
|
(1)
|
Average yield is
calculated based on annualized interest income for the period
divided by average loans during the period. Annualized interest
income does not include any allocations, such as funds transfer
pricing. Average yield is calculated using whole dollar values for
average balances and interest income/expense. Accordingly, total
interest earning assets less total interest bearing liabilities may
not total net interest income/spread.
|
(2)
|
In August 2022, in
addition to our normal recovery activity, we sold a pool of
charged-off loans that resulted in elevated debt sale recovery
activity of approximately $33 million, which decreased the Domestic
Credit Card net charge-off rate for the third quarter of 2022 by
approximately 11 basis points. Excluding the impact, the Domestic
Credit Card net charge-off rate would have been 2.31% for the third
quarter of 2022.
|
(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. For Commercial Banking, loans categorized as
nonperforming are considered criticized nonperforming.
|
(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 and, in periods of
acquisition, initial allowance builds for purchase
credit-deteriorated loans.
|
(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)
|
Total net revenue
margin is calculated based on annualized total net revenue for the
period divided by average loans outstanding during the
period.
|
(8)
|
Purchase volume
consists of purchase transactions, net of returns, for the period,
and excludes cash advance and balance transfer
transactions.
|
(9)
|
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.
|
(10)
|
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.
|
(11)
|
In the fourth quarter
of 2022, an internal funds transfer pricing impact of $176 million
decreased net interest income in the Commercial Banking business
and increased the Other category, and was therefore neutral to the
company.
|
(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,
2022
|
|
September
30,
2022
|
|
June
30,
2022
|
|
March
31,
2022
|
|
December
31,
2021
|
Regulatory Capital
Metrics
|
|
|
|
|
|
|
|
|
|
|
Common equity excluding
AOCI
|
|
$
59,450
|
|
$
58,516
|
|
$
57,278
|
|
$
57,390
|
|
$
58,206
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
AOCI, net of
tax(2)
|
|
(17)
|
|
(120)
|
|
(72)
|
|
(20)
|
|
(23)
|
Goodwill, net of
related deferred tax liabilities
|
|
(14,540)
|
|
(14,537)
|
|
(14,548)
|
|
(14,559)
|
|
(14,562)
|
Other Intangible and
deferred tax assets, net of deferred tax liabilities
|
|
(162)
|
|
(194)
|
|
(95)
|
|
(110)
|
|
(120)
|
Common equity Tier 1
capital
|
|
$
44,731
|
|
$
43,665
|
|
$
42,563
|
|
$
42,701
|
|
$
43,501
|
Tier 1
capital
|
|
$
49,576
|
|
$
48,510
|
|
$
47,408
|
|
$
47,547
|
|
$
48,346
|
Total
capital(3)
|
|
56,715
|
|
55,938
|
|
55,100
|
|
55,059
|
|
56,089
|
Risk-weighted
assets
|
|
357,939
|
|
356,801
|
|
351,746
|
|
336,739
|
|
332,673
|
Adjusted average
assets(4)
|
|
444,704
|
|
439,479
|
|
427,446
|
|
418,957
|
|
415,141
|
Capital
Ratios
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1
capital(5)
|
|
12.5 %
|
|
12.2 %
|
|
12.1 %
|
|
12.7 %
|
|
13.1 %
|
Tier 1
capital(6)
|
|
13.9
|
|
13.6
|
|
13.5
|
|
14.1
|
|
14.5
|
Total
capital(7)
|
|
15.8
|
|
15.7
|
|
15.7
|
|
16.4
|
|
16.9
|
Tier 1
leverage(4)
|
|
11.1
|
|
11.0
|
|
11.1
|
|
11.3
|
|
11.6
|
TCE(8)
|
|
7.5
|
|
7.2
|
|
7.9
|
|
8.7
|
|
9.9
|
Reconciliation of
Non-GAAP Measures
|
|
The following non-GAAP
measures consist of our adjusted results that we believe help
investors and users of our financial information understand the
effect of adjusting items on our selected reported results,
however, they may not be comparable to similarly-titled measures reported by other
companies. These adjusted results provide alternate measurements of
our operating performance, both for the current period and trends
across multiple periods. The following tables present
reconciliations of these non-GAAP
measures to the applicable amounts measured in accordance with
GAAP.
|
(Dollars in
millions, except per share data and as noted)
|
|
2022
Q4
|
|
2022
Q3
|
|
2022
Q2
|
|
2022
Q1
|
|
2021
Q4
|
|
Year Ended December
31,
|
2022
|
|
2021
|
Adjusted diluted
earnings per share ("EPS"):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common stockholders (GAAP)
|
|
$
1,161
|
|
$
1,616
|
|
$
1,949
|
|
$
2,318
|
|
$
2,296
|
|
$
7,044
|
|
$
11,965
|
Insurance recoveries
and legal reserve activity
|
|
(177)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(177)
|
|
100
|
Restructuring
Charges
|
|
72
|
|
—
|
|
—
|
|
—
|
|
—
|
|
72
|
|
—
|
Adjusted net income
available to common stockholders before income tax impacts
(non-GAAP)
|
|
1,056
|
|
1,616
|
|
1,949
|
|
2,318
|
|
2,296
|
|
6,939
|
|
12,065
|
Income tax
impacts
|
|
25
|
|
—
|
|
—
|
|
—
|
|
—
|
|
25
|
|
(24)
|
Adjusted net income
available to common stockholders (non-GAAP)
|
|
$
1,081
|
|
$
1,616
|
|
$
1,949
|
|
$
2,318
|
|
$
2,296
|
|
$
6,964
|
|
$
12,041
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
weighted-average common shares outstanding (in millions)
(GAAP)
|
|
383.7
|
|
384.6
|
|
392.6
|
|
412.2
|
|
424.3
|
|
393.2
|
|
444.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
(GAAP)
|
|
$
3.03
|
|
$
4.20
|
|
$
4.96
|
|
$
5.62
|
|
$
5.41
|
|
$
17.91
|
|
$
26.94
|
Impact of adjustments
noted above
|
|
(0.21)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(0.20)
|
|
0.17
|
Adjusted diluted EPS
(non-GAAP)
|
|
$
2.82
|
|
$
4.20
|
|
$
4.96
|
|
$
5.62
|
|
$
5.41
|
|
$
17.71
|
|
$
27.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted efficiency
ratio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
(GAAP)
|
|
$
5,080
|
|
$
4,949
|
|
$
4,583
|
|
$
4,551
|
|
$
4,678
|
|
$
19,163
|
|
$
16,570
|
Insurance recoveries
and legal reserve activity
|
|
177
|
|
—
|
|
—
|
|
—
|
|
—
|
|
177
|
|
(100)
|
Restructuring
Charges
|
|
(72)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(72)
|
|
—
|
Adjusted non-interest
expense (non-GAAP)
|
|
$
5,185
|
|
$
4,949
|
|
$
4,583
|
|
$
4,551
|
|
$
4,678
|
|
$
19,268
|
|
$
16,470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenue
(GAAP)
|
|
$
9,040
|
|
$
8,805
|
|
$
8,232
|
|
$
8,173
|
|
$
8,118
|
|
$
34,250
|
|
$
30,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(GAAP)
|
|
56.19 %
|
|
56.21 %
|
|
55.67 %
|
|
55.68 %
|
|
57.63 %
|
|
55.95 %
|
|
54.44 %
|
Impact of adjustments
noted above
|
|
117 bps
|
|
—
|
|
—
|
|
—
|
|
—
|
|
31 bps
|
|
(32) bps
|
Adjusted efficiency
ratio (non-GAAP)
|
|
57.36 %
|
|
56.21 %
|
|
55.67 %
|
|
55.68 %
|
|
57.63 %
|
|
56.26 %
|
|
54.12 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
efficiency ratio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expense
(GAAP)
|
|
$
3,962
|
|
$
3,971
|
|
$
3,580
|
|
$
3,633
|
|
$
3,679
|
|
$
15,146
|
|
$
13,699
|
Insurance recoveries
and legal reserve activity
|
|
177
|
|
—
|
|
—
|
|
—
|
|
—
|
|
177
|
|
(100)
|
Restructuring
Charges
|
|
(72)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(72)
|
|
—
|
Adjusted operating
expense (non-GAAP)
|
|
$
4,067
|
|
$
3,971
|
|
$
3,580
|
|
$
3,633
|
|
$
3,679
|
|
$
15,251
|
|
$
13,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenue
(GAAP)
|
|
$
9,040
|
|
$
8,805
|
|
$
8,232
|
|
$
8,173
|
|
$
8,118
|
|
$
34,250
|
|
$
30,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating efficiency
ratio (GAAP)
|
|
43.83 %
|
|
45.10 %
|
|
43.49 %
|
|
44.45 %
|
|
45.32 %
|
|
44.22 %
|
|
45.01 %
|
Impact of adjustments
noted above
|
|
116 bps
|
|
—
|
|
—
|
|
—
|
|
—
|
|
31 bps
|
|
(33) bps
|
Adjusted operating
efficiency ratio (non-GAAP)
|
|
44.99 %
|
|
45.10 %
|
|
43.49 %
|
|
44.45 %
|
|
45.32 %
|
|
44.53 %
|
|
44.68 %
|
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.
|
(Dollars in
millions)
|
|
2022
Q4
|
|
2022
Q3
|
|
2022
Q2
|
|
2022
Q1
|
|
2021
Q4
|
Tangible Common
Equity (Period-End)
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
$
52,582
|
|
$
50,861
|
|
$
53,410
|
|
$
56,345
|
|
$
61,029
|
Goodwill and
intangible assets(9)
|
|
(14,902)
|
|
(14,932)
|
|
(14,850)
|
|
(14,883)
|
|
(14,907)
|
Noncumulative
perpetual preferred stock
|
|
(4,845)
|
|
(4,845)
|
|
(4,845)
|
|
(4,845)
|
|
(4,845)
|
Tangible common
equity
|
|
$
32,835
|
|
$
31,084
|
|
$
33,715
|
|
$
36,617
|
|
$
41,277
|
Tangible Common
Equity (Average)
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
$
52,439
|
|
$
54,541
|
|
$
54,165
|
|
$
59,437
|
|
$
62,498
|
Goodwill and
intangible assets(9)
|
|
(14,926)
|
|
(14,916)
|
|
(14,875)
|
|
(14,904)
|
|
(14,847)
|
Noncumulative
perpetual preferred stock
|
|
(4,845)
|
|
(4,845)
|
|
(4,845)
|
|
(4,845)
|
|
(5,552)
|
Tangible common
equity
|
|
$
32,668
|
|
$
34,780
|
|
$
34,445
|
|
$
39,688
|
|
$
42,099
|
Tangible Assets
(Period-End)
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
455,249
|
|
$
444,232
|
|
$
440,288
|
|
$
434,195
|
|
$
432,381
|
Goodwill and
intangible assets(9)
|
|
(14,902)
|
|
(14,932)
|
|
(14,850)
|
|
(14,883)
|
|
(14,907)
|
Tangible
assets
|
|
$
440,347
|
|
$
429,300
|
|
$
425,438
|
|
$
419,312
|
|
$
417,474
|
Tangible Assets
(Average)
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
449,659
|
|
$
447,088
|
|
$
435,327
|
|
$
430,372
|
|
$
427,845
|
Goodwill and
intangible assets(9)
|
|
(14,926)
|
|
(14,916)
|
|
(14,875)
|
|
(14,904)
|
|
(14,847)
|
Tangible
assets
|
|
$
434,733
|
|
$
432,172
|
|
$
420,452
|
|
$
415,468
|
|
$
412,998
|
__________
(1)
|
Regulatory capital
metrics and capital ratios as of December 31, 2022 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.
|
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SOURCE Capital One Financial Corporation